BTC Flat at $89,300 Despite $1.02B ETF Exodus — Buy the Dip Toward $107K? 
JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
FxWirePro- Major Crypto levels and bias summary 
MAS Holds Monetary Policy Steady as Strong Growth Raises Inflation Risks 
RBA Expected to Raise Interest Rates by 25 Basis Points in February, ANZ Forecast Says 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
The brisk spike in inflation probably rules out new cuts by the central bank in Sweden. After four years mainly spent below 1%, the Swedish CPIF bounced sharply to 1.5% at the beginning of the year, taking a step towards the 2% inflation target. The Riksbank made clear that policy needs to continue to be expansionary to safeguard the rising trend in prices to prevent an excessively fast SEK appreciation.
But with the main rate already at -50bp (at only a step from the implicit floor set in Switzerland at -75bp) and inflation expected to stabilise around 2% next year, new cuts are probably ruled out by the board.
Relative economic factors surprise to pressure EURSEK. With its 4.2% y/y Q1 GDP growth largely beating the European average, Sweden does not have serious competitors among developed countries.
However, the FX market has to deal with a set of negative economic surprises in Sweden whereas the euro area benefited from a positive trend.
It turns out the surprise differential is just reaching its historical peak above 50 points (see graph), with past patterns suggesting a mean reversion lower sooner or later. This should be a key factor pressuring the EURSEK towards 9.5 levels again.
