Near-term, the yearly PPM money is a potential, yet transitory, flow factor for the SEK. Moreover, in the near term, we could see further SEK strength, contingent on for instance risk sentiment, seasonality and short-term valuation. 

With cyclical (macro and monetary policy outlook) headwinds still in place for the coming 6-12M we remain medium-term bearish on the SEK.

Forecast: 11.40 (1M), 11.50 (3M), 11.80 (6M), 11.80 (12M)