| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 08:00 | Eurozone | M3 money supply, adjusted y/y | May | 1.3% | 1.5% | 1.6% |
| 09:00 | Eurozone | Consumer Confidence | June | -14.3 | -14 | -14 |
SEK depreciated against its major rivals in the European session on Thursday as investors responded to the Riksbank’s dovish policy announcement, which indicated that two or three rate cuts might come in the second half of the year.
In a largely anticipated move, Sweden’s central bank - the Riksbank - decided to leave its policy rate unchanged at 3.75% at the June meeting. In the accompanying policy statement, the Riksbank’s policymakers indicated that they think the policy should be adjusted gradually after the May rate cut. At the same time, they also acknowledged that domestic economic activity is weak and inflation is close to the central bank’s 2% target and highlighted that the policy rate could be cut two or three times during the second half of 2024 if inflation prospects remain the same. In May, the Riksbank forecasted only two additional rate decreases this year.