Commerzbank stays positive on the Swedish krona, a position it has held over the past year, despite economic weakness in the euro zone having notable effects on the Swedish economy, resulting in very low interest-rate levels. The Riksbank's December minutes, which are out next Tuesday, are expected to not only underline once again the ongoing impact of the euro zone's weakness on Sweden's economy, but also confirm that compared with the euro zone, the Swedish economy is still in a relatively good position. The Swedish Services PMI is out on Friday, which may trigger some momentum for the cross. Otherwise, EUR/SEK will be driven by market sentiment, and if that remains positive, as a result of good US data, then EUR/SEK could test 8.50. It now trades at 8.55.
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