The positive policy moves out of Europe have weighed on the Swiss franc and has ratcheted down the pressure on the SNB. Meanwhile, Norway’s economy appears to have clawed back about half of what was lost under its lockdown when restrictions were eased in the final third of April, although difficulties in the oil sector and the weak external backdrop will pose headwinds to growth later this year. Next week, the releases of CPI data from Norway and Sweden are likely to show that underlying price pressures eased in both countries in May.
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