Sweden business confidence index beat expectations, says Nordea, as the National Institute for Economic Research survey shows confidence in the total business sector improved more than expected in March, to +11 from 0, just above the historical average. Notes the sentiment in the manufacturing industry improved sharply, in contrast to recent indicators seen abroad. Still, Nordea expects to see a sluggish GDP growth for 1Q and the labor market to deteriorate, "which will put pressure on the Riksbank to cut rates further." EUR/SEK trades at 8.8663.
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