Sweden’s CPIF inflation surprises above expectations – ING

Sweden’s October CPIF inflation came in hotter than expected, reinforcing the Riksbank’s cautious stance on further rate cuts, ING's FX analyst Francesco Pesole notes.

EUR/SEK reaction muted as markets adjust slowly

"In Sweden, CPIF inflation for October came in a bit hotter than expected at 3.1%, with core also slightly above consensus at 2.8%. This broadly endorses the Riksbank's unchanged message yesterday: the bar for another cut is high."

"The EUR/SEK reaction has been small as markets were pricing in little to no chance of more cuts ahead. Anyway, the data modestly reinforces our bearish EUR/SEK view. We are now targeting a return to 10.90 in the near term."

Nov 6, 2025

USD sentiment strengthens amid easing trade risks – Commerzbank

Sentiment toward the US Dollar (USD) has brightened considerably recently. This is evident not only in the exchange rate, which has appreciated significantly, but also in the options market.

USD: No interest rate cut from the BoE – Commerzbank

The Bank of England will conclude this week's G10 central bank meetings today. Having lowered interest rates every three months this year, today would normally be the time for the next step, Commerzbank's FX analyst Michael Pfister notes.