GDP y/y (SEK) comes in at 3.3% against 2.8% consensus

Sweden’s annual Gross Domestic Product growth registered 3.3% for the period, exceeding the consensus forecast of 2.8%. This print also marked an increase from the prior period’s 2.8% growth. The actual figure represented a 17.9% surprise relative to the market consensus.

Following the release, USDSEK moved up by 6.0 pips within five minutes and was up 3.0 pips fifteen minutes after the data. This measured price action is small when compared to the historical median 1-hour move of 121 pips for USDSEK after past GDP releases. Top-quarter releases have historically seen moves of 127 pips or more. Directional reliability statistics are not yet available for this series.