The further appreciation of the franc this week strengthens our view that the SNB will be very cautious about policy tightening, keeping rates on hold until 2020. Meanwhile, with inflationary pressures building in Norway, we think the Norges Bank was right this week to signal a September rate rise. And ahead of next month’s general election, the far-right Sweden Democrats have revived their calls for a referendum on the Sweden’s membership of the EU, but we doubt that the initiative will get off the ground.
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