Sweden’s Riksbank is gaining credibility

Riksbank's communications seem to become more credible at last. At least EUR-SEK was able to appreciate yesterday. Is this due to the comments by the vice Riksbank governor Per Jansson? After all he had pointed out that the "extreme" appreciation of the krona in February and March (with EUR-SEK lows below 9.10) was no longer acceptable thus drawing a clear line. 

Concrete statements like that seem to have an effect on the market after all. Whether the recent EUR-SEK recovery (with levels above 9.28) will be sustainable will depend mainly on future communication. In particular Governor Stefan Ingves is known for hawkish slip-ups every so often. The green shoot of Riksbank credibility is still very sensible - and so is the recovery in EUR-SEK.