Swedish CPI data were much stronger than expected

Swedish CPI data were much stronger than expected. The headline CPI came in at 0.0% m/m, -0.1% y/y (cons: -0.3%, -0.4% respectively), while underlying inflation - the more important number here - jumped 0.3ppts to 0.9% y/y, helping to restore the uptrend. 

Today's data, on the margin, reduces the likelihood of further Riksbank easing in September as: (a) CPI is going the right way, and (b) SEK TWI is ~2% weaker since the last Riksbank meeting when it cut rates unexpectedly citing SEK strength as the main reason.