Analysts at ING believe the Riksbank is likely to push back the date of its next rate hike on Thursday, but at the same time don't think it will do away with its hawkish bias completely, which could be a short-term SEK positive.

“The Riksbank meets this Thursday, and the key question is whether policymakers continue to signal a rate hike later this year or early next. The deterioration in the domestic dataflow suggests the timing of the next rate hike will get pushed back again. But equally, we expect the central bank to retain its hawkish bias - particularly given the ongoing weakness in the Swedish Krona (SEK). Policymakers may still signal a rate hike over the next six months or so, although given the downside to domestic data and wage growth, we aren't convinced this will ultimately materialise. We expect interest rates to remain on hold in Sweden for the foreseeable future.”