💱 Swedish Krona Falls to Record Low Vs Euro: Cable FX Macro

• Previously, we have flagged Sweden as the bottom macro ranking G10 country. High inflation, high unemployment rate, low growth, do not support a bright outlook

• A Bloomberg composite forecast sees the Swedish economy contracting the most in the G10 this year, the U.K. follows

• Also, stubborn inflation will feed into higher rates, which are seen hurting the economy and fail to leave the SEK as carry attractive

• EUR/SEK is posting a third consecutive day of gains, the spot is now shy of 12.0, devaluations in the krona pose a threat to the Riksbank's price stability campaign