Unexpected Increase in Swedish Trade Surplus
It is too early to say for sure whether this was a temporary abberation or whether it represents a end to the trend of a falling trade surplus. It seems more likely than not, though, that it was just an abberation. Despite the small rate hike last week, credit-driven demand in Sweden remains strong something which should mean continued strong import growth. Meanwhile, export orders have been quite weak recently, something which suggest that export growth should slow down significantly.