The Swedish economy continues to show signs of resilience as GDP grew by 0.1% in May from April, according to preliminary data from Statistics Sweden (SCB). Data suggest that consumers are turning to savings to make consumption choices, but many will have to make tough choices once they have different mortgage interest rates to cover in autumn. Property prices are continuing to rise despite high rates, with real estate agents telling of a cautious market, even if property firms have not felt the effects of the slowdown just yet. The SEK hit a new low on the back of speculation surrounding the property market and the latest Riksbank rate hike “caused more confusion than clarity” to markets and speculators. SEB (Skandinaviska Enskilda Banken AB, a northern European financial services group headquartered in Stockholm) Chief Strategist Carl Hammer commented that the SEK will continue to weaken in the short-term, but argues that the Swedish economy has strong foundations to strengthen the currency with a more active fiscal policy. (ICE STOCCOLMA)

Fonte notizia: Multiple sources (SCB - Mundus news)