The increased buying for Q1 was a surprise. The world's oldest central bank is basically very pessimistic on short term inflation and the economy. Whatever happened to the bullish vaccine narrative everybody is so bullish on?

Sweden is a small country, but is important as a "global sentimentor" as it is an open export oriented country and very sensitive to the global economy (for more reading on the decision itself see Nordea's takehere).

SEK has been one of the best performing currencies lately, but given the bearish outlook by the Riskbank as well as the surge in Corona cases in Sweden, while main European cases are falling, makes you wonder if it is time for a reversal in the "mighty" SEK (chart 3)?