GDP q/q (SEK) comes in at 1.6% against 1.4% consensus

Sweden’s Gross Domestic Product (GDP) for the second quarter came in at 1.6% quarter over quarter. This figure was above the market consensus expectation of 1.4%. The previous quarter’s reading was also 1.4%. The actual print represented a 14.3% surprise relative to the consensus forecast.

Following the release, USDSEK moved +6.0 pips five minutes after the data. Fifteen minutes post-release, the pair was up +3.0 pips. Historically, USDSEK has seen a median one hour move of 121 pips after past releases. Top quarter releases have moved 127+ pips, based on two releases since 2015. The measured market reaction so far is small when compared to these historical movements. Directional reliability statistics are not yet available for this series.