Nordics Macro Daily(Beta Mode)
Riksbank Poised to Hold Rate at 1.75%
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| OMX Stockholm 30 | 3,243.81 | -0.03% |
| Oslo Bors | 2,080.67 | -0.04% |
| OMX Copenhagen 25 | 1,884.80 | +0.07% |
| OMX Helsinki 25 | 6,294.10 | +0.29% |
| USD/SEK | 9.53 | +0.29% |
| USD/NOK | 9.32 | -0.90% |
| EUR/SEK | 11.02 | -0.19% |
| EUR/NOK | 10.89 | -0.17% |
| Brent Crude | 91.81 | +0.21% |
| Gold | 4,547.80 | +1.30% |
| Bitcoin | 69,322.96 | +7.18% |
| Sweden 10Y Govt Yield | 2.78% | +1.31% |
| Norway 10Y Govt Yield | 4.20% | -2.94% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Sweden 10Y Govt Yield | Type: macro_line | Yield %: 2.781 (2026-06-01) | Range: 0.138–3.024 | Trend(6pt): 0.2696,2.01,2.231,2.602,2.745,2.781
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Riksbank Rate Decision | 1.75 | 1.75 | 23:30 |
| Press Conference by Riksbank | - | - | 01:00 |
- Riksbank set to hold policy rate at 1.75% with press conference due overnight
- Swedish equities and krona stable ahead of decision; Norway krone strengthens on Brent
- Nordic bond yields diverge with Sweden 10Y rising and Norway 10Y falling sharply
Yesterday's Recap
Equity indices across the Nordic bloc posted minimal moves on August 19. OMX Stockholm 30 fell 0.03% to 3,243.81 while Oslo Bors slipped 0.04% to 2,080.67. OMX Copenhagen 25 gained 0.07% to 1,884.80 and OMX Helsinki 25 rose 0.29% to 6,294.10.
USD/SEK climbed 0.29% to 9.53 and USD/NOK dropped 0.90% to 9.32. EUR/SEK eased 0.19% to 11.02 while EUR/NOK declined 0.17% to 10.89. Sweden 10Y yield increased 1.31% to 2.78% and Norway 10Y yield fell 2.94% to 4.20%.
Brent crude rose 0.21% to 91.81 and gold advanced 1.30% to 4,547.80. Bitcoin surged 7.18% to 69,322.96. The moves occurred against a quiet data calendar with no events completed the prior day.
The Day Ahead
Markets await the Riksbank rate decision scheduled for 23:30 ET with consensus pointing to an unchanged 1.75% policy rate. The subsequent press conference at 01:00 ET will provide fresh guidance on inflation and growth risks. No major data releases are listed for Norway, Denmark or Finland on August 20.
Traders will monitor any signals on the timing of potential future adjustments given Sweden’s July CPI at 0.18% year-on-year. Brent price movements will continue to influence NOK flows ahead of the weekend. The committee is expected to vote to hold.
Other Economic Notes
Sweden’s low July CPI reading of 0.18% year-on-year underscores subdued price pressures in the export-oriented economy. Norway’s July CPI at 2.98% year-on-year remains elevated yet supported by oil revenue dynamics that bolster the fiscal position. Danish and Finnish activity stays aligned with euro-area trends under the ECB framework, limiting independent policy scope.
Housing and construction indicators in Sweden show tentative stabilization after prior weakness. Trade balances across the region remain resilient amid steady external demand. Norway’s July trade surplus of NOK 78 bn, though slightly below forecast, still supports the krone.
Norwegian oil output averaged 1.92 m b/d, in line with expectations.
