The Swedish services sector just smashed expectations

Sometimes analyst get it wrong. Their prediction for the Swedish services number this morning was really, really wrong.

Rather than a purchasing manager's index of 46.7, the index rose from 44.9 to a whopping 56.6 in July, a massive rise of 11.7 points.

While the krona performed well on the news, it has now retraced most of its gains against the dollar.

That implies that the sector has gone from contraction (below 50) to a strong pace of expansion.