Nordic & Swiss Economics Update SNB’s large-scale intervention era is drawing to a close The Swiss National Bank is likely to reduce its currency interventions further over the next couple of years as other central banks start to normalise policy and the Swiss economy is better able to... 22nd March 2018 · 1 min read
Nordic & Swiss Economics Update The outlook for bonds in Switzerland and the Nordics The Nordic central banks are all moving towards tightening monetary policy, albeit at different speeds. We think that higher interest rates will come first in Sweden, pushing up government bond yields... 20th March 2018 · 1 min read
Nordic & Swiss Economics Update SNB to lag ECB in policy normalisation Despite sounding a slightly more positive tone on the economy, the Swiss National Bank today reiterated that the Swiss franc remained “highly valued” and that it still needed to keep interest rates at... 15th March 2018 · 1 min read
Nordic & Swiss Central Bank Watch Are interest rate rises in Switzerland in sight? In an environment of global uncertainty, the Swiss National Bank will be wary of exacerbating any upward pressure on the safe haven franc when it meets on 15th March. Admittedly, its forecast for... 8th March 2018 · 1 min read
Nordic & Swiss Economics Update Will Nordic and Swiss equities continue to struggle? After a tough start to 2018, we think that equities in the Nordic countries and Switzerland will continue to struggle over the next couple of years. But their performance will be far from uniform. 7th March 2018 · 1 min read
Nordic & Swiss Data Response Swiss CPI (Feb.) & Swedish Production (Jan.) The further decline in Swiss inflation in February to a five-month low will add to the Swiss National Bank’s caution ahead of its monetary policy meeting next week. Indeed, subdued inflation is likely... 6th March 2018 · 1 min read
Nordic & Swiss Data Response Swiss GDP (Q4) & Retail Sales (Jan.) The Swiss economy ended 2017 on a fairly strong note and the surveys paint a positive picture for 2018. But with inflation set to remain subdued, we think that the SNB will wait until 2020 to raise... 1st March 2018 · 1 min read
Nordic & Swiss Economics Update Is the Swiss franc really overvalued? Although the franc has strengthened in recent weeks, the big picture is that the currency is over 5% weaker than this time a year ago. Currency valuation measures paint a mixed picture but our view is... 15th February 2018 · 1 min read
Nordic & Swiss Chart Pack A robust start to 2018 The official data suggest that the Nordic & Swiss economies recorded fairly mixed performances at the end of last year. So far, only Norway has published national accounts data for Q4. This release... 13th February 2018 · 1 min read
Nordic & Swiss Data Response Swiss and Danish Consumer Prices (Jan.) Following January’s decline, there is little chance that Swiss inflation will rise much in the next few months. And later in the year, inflation is likely to drop back as exchange rate effects unwind. 12th February 2018 · 1 min read
Nordic & Swiss Economics Update SNB unlikely to let franc’s rise be sustained The franc’s downward trend went into reverse last month and turbulence in global financial markets has since threatened to push it up further. In the event of a sustained rout in equity markets, the... 7th February 2018 · 1 min read
Nordic & Swiss Economics Update Global forces push exchange rates and bond yields up Following developments in other developed economies this year, Nordic and Swiss currencies have appreciated while equity prices and bond yields have risen. Norway’s currency has outperformed, largely... 1st February 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jan.) January’s Swiss, Swedish and Norwegian manufacturing PMIs generally point to strong growth. But only in Sweden do we expect this to feed through to significant and sustained inflation pressure. 1st February 2018 · 1 min read
Nordic & Swiss Data Response Swiss KOF (Jan.) Despite January’s sharp fall in the Swiss KOF Economic Barometer, the indicator is still broadly consistent with annual GDP growth picking up to around 2%. With exporters benefiting from a weaker... 30th January 2018 · 1 min read
Nordic & Swiss Economic Outlook Exchange rates to diverge as Swedish krona rises Prospects for the Nordic economies and Switzerland are strong, but there are divergent outlooks for monetary policy. In Sweden, inflation is already close to the Riksbank’s target and, with capacity... 22nd January 2018 · 1 min read
Nordic & Swiss Chart Pack A busy month for central banks The three major Nordic and Swiss central banks met in December and provided very different messages about the outlook for monetary policy in their respective countries. First, the Swiss National Bank... 15th January 2018 · 1 min read
