Riksbank's Executive Board sound much more relaxed about a moderate appreciation of the krona, believing that ECB would take further accomodative action, thus signalling to the market that EUR-SEK might well move notably below 9.20.

However, the individual members views and speeches do not project the view of the entire Board. Therefore it is not advisable to bet on a stronger krone now and against believing that Riksbank will remain inactive in December.

"The more notably the krona appreciates the higher the possibility that at its last meeting this year on 15th December Riksbank will take action again and counter this trend. Or will even do so before then", says Commerzbank in a research note. 

On the contrary, Riksbank cannot afford the krona to appreciate more notably as this is risky for its inflation target and would mean risking a return to deflation. 

"Everything all told that means to us: levels around or just below 9.20 are buying levels for us. We will let others get stung with EUR-SEK shorts", added Commerzbank.