Nordic & Swiss Economics Update Brexit would push Swiss franc higher despite SNB’s efforts While the Swiss National Bank (SNB) has vowed to limit any impact on the franc if the UK votes to leave the EU tomorrow, we doubt that it has enough ammunition to prevent an appreciation. We think... 22nd June 2016 · 1 min read
Nordic & Swiss Economics Update Will Finland’s competitiveness pact boost the recovery? Finland’s competitiveness pact probably won’t boost employment by as much as the Government hopes. But it is still a positive move that should help to lower labour costs and boost output. 17th June 2016 · 1 min read
Nordic & Swiss Economics Update SNB holds back ammunition for possible Brexit The Swiss National Bank (SNB) left interest rates on hold as expected today, but it will continue to intervene in FX markets if needed, as is likely in the run-up to the UK referendum. An actual... 16th June 2016 · 1 min read
Nordic & Swiss Economics Update How would Brexit affect Sweden? The UK is Sweden’s fourth largest export market, but the direct trade impact of a Brexit would probably be small. A Brexit could have a bigger impact on Sweden through its effect on the krona. And... 15th June 2016 · 1 min read
Nordic & Swiss Economics Update Rise in oil prices not all positive for Norway The recent rise in oil prices will provide some short-term support to the Norwegian economy, but the associated strengthening of the krone will hinder the economy’s rebalancing away from oil. We... 6th June 2016 · 1 min read
Nordic & Swiss Economics Update Iceland holds rates but tightening cycle not yet over Iceland’s central bank kept its interest rates unchanged for the fifth consecutive meeting. But with price pressures set to pick up in the second half of the year, further tightening will be needed. 1st June 2016 · 1 min read
Nordic & Swiss Economics Update Swedish inflation outlook dependent on krona strength The rise in Swedish inflation will prove short-lived if inflation expectations stay below 2%. In order to boost such expectations, the Riksbank must ensure that the krona does not appreciate strongly. 21st May 2016 · 1 min read
Nordic & Swiss Economics Update Norges Bank policy unchanged, but rate cut on the way The Norges Bank left its key policy rate unchanged today, but with the economy weak and inflation set to fall this year, we think that further loosening is on the way. 12th May 2016 · 1 min read
Nordic & Swiss Economics Update Iceland holds rates but further tightening will be needed Iceland’s central bank kept its interest rates unchanged for the fourth consecutive meeting. But with price pressures set to pick up in the second half of the year, further tightening will be needed. 11th May 2016 · 1 min read
Nordic & Swiss Economics Update FX intervention could be on the way in Sweden Sweden’s Riksbank expanded its QE programme and kept its options open for easing later in the year. While the economy is growing strongly and inflation has picked up recently, a rising currency and... 21st April 2016 · 1 min read
Nordic & Swiss Economics Update Will financial stability concerns prevent Norges Bank rate cuts? The Norges Bank has clearly become more concerned about threats to financial stability, but we do not think that this will prevent it from cutting the policy rate to zero by the end of the year. 30th March 2016 · 1 min read
Nordic & Swiss Economics Update What options does Sweden’s Riksbank have left? The growing unease over the potential impact of negative interest rates suggests that Sweden’s Riksbank will think twice about cutting the repo rate further below zero. It can draw on other policy... 17th March 2016 · 1 min read
Nordic & Swiss Economics Update Norges Bank cuts rates, but concerns about debt growing We think that today’s interest rate cut by the Norges Bank will be followed by another 25bp reduction in June. But concerns about household debt will prevent further loosening beyond that. 17th March 2016 · 1 min read
Nordic & Swiss Economics Update SNB on hold, but battle against deflation is not won The lack of upward pressure on the franc following the last ECB meeting has allowed the Swiss National Bank (SNB) to leave policy on hold for now. But deflation dangers are particularly severe in... 17th March 2016 · 1 min read
Nordic & Swiss Economics Update Icelandic rates on hold but hikes are on the horizon Iceland’s central bank decided today to keep its key interest rates unchanged for the third meeting in a row, citing low global inflation and a strengthening currency. But with inflationary pressures... 16th March 2016 · 1 min read
Nordic & Swiss Economics Update Weakening economy suggests Norges Bank will act in March The Norwegian economy looks much weaker than the Norges Bank had anticipated at its last meeting in December. With the outlook for GDP and inflation having deteriorated, we think that the Bank will... 24th February 2016 · 1 min read
