USDSEK may see further gains ahead. Several sources of Swedish pitfalls lie ahead; Swedens attempt to recover from a double-dip recession; the risk of a retreat in metals and uncertainty ahead of Swedish September elections could propel USDSEK gradually towards 7.6 after the summer, while remaining supported at 6.9-7.0 in the medium term. Todays downgrade of 2010 GDP growth to 2.5% from initial forecasts of 3.0% doesnt appear to help either. But SEKs outlook vs EUR appears more positive due to lingering uncertainty in the Eurozone. EURSEK looks to retest the 9.5, with risk to extend losses towards 9.3, but any recovery in EURSEK remains capped below 10.2. Watch Ashraf this afternoon on CNBCEurope at 15:05 GMT (16:00 London).