GDP y/y (SEK) comes in at 2.8% against 1.8% consensus

Sweden’s Gross Domestic Product year over year came in at 2.8%. This figure was above the consensus expectation of 1.8% and also higher than the previous reading of 2%. The actual print represented a 55.6% surprise compared to the consensus forecast.

Following the release, USDSEK initially moved -20 pips within five minutes. Fifteen minutes after the data, USDSEK was trading +30 pips higher. Historically, USDSEK has shown a median one-hour move of 108 pips after past releases. Top-quarter releases have seen moves of 108 pips or more. The measured moves so far are smaller than the typical median one-hour move. Directional reliability statistics are not yet available for this series.