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Riksbank rate cut adds weight to September ECB move?
The Swedish Riksbank has just announced an expected 0.25% rate cut, to 3.50% from 3.75%. The notes accompanying this decision seem to pave the way for more to come and a 0.50% reduction was actively discussed today. The news has been greeted with a downside push in the EUR/SEK and it has also helped to push European equity markets a little higher, but nothing notable at this stage. The EUR/USD has edged a little lower too, but once again not by much, but the thing is; this move does rather pave the way for the ECB to follow suit next month (on September 12). That might act as drag on the EUR/USD, IF the ECB were to match any potential similar move from the Fed. We shall have to see on that. The EUR/USD is currently trading at 1.1075
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