Nordic & Swiss Chart Pack Rotation trade to resume and to drag the franc lower The partial unwinding in the reflation trade in recent weeks has stopped the decline in the Swiss franc in its tracks. Having depreciated against both the US dollar and the euro since the start of... 14th April 2021 · 5 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Mar.) Swedish inflation rose closer to the Riksbank’s 2% target in March, in line with expectations. As it should only breach the target temporarily, we continue to expect the Riksbank to keep the repo rate... 14th April 2021 · 2 mins read
Nordic & Swiss Data Response Sweden GDP Indicator (Feb.) Monthly GDP data from Sweden for February indicate that output it is all but certain to have expanded in Q1. The recent surge in virus cases casts a cloud on the government’s plans to ease... 8th April 2021 · 2 mins read
Nordic & Swiss Economics Weekly Manufacturing to cushion blow from rising virus cases The spaghetti-tree hoax of 1957, which centred on a Swiss family harvesting spaghetti, is widely regarded as one of the most successful April Fools’ jokes, but Swiss manufacturers are far too busy at... 1st April 2021 · 5 mins read
Nordic & Swiss Economics Weekly Denmark charts new course as the SNB steams ahead While lockdowns are being tightened and/or extended in much of mainland Europe, the attention in Denmark is shifting towards easing restrictions, which should allow activity there to rebound sooner... 26th March 2021 · 6 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Feb.) Swedish inflation came in weaker than expected in February, and we continue to expect the Riksbank to keep the repo rate on hold for the foreseeable future. 15th March 2021 · 2 mins read
Nordic & Swiss Economics Weekly Bond market jitters; SNB cracks open the champagne We suspect that Swedish and Swiss government bond yields will come down again before long given the strong relationship with Bunds and the prospect of the ECB stepping in. However, our hawkish view... 26th February 2021 · 5 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Investor demand returning Office and industrial yields edged lower in Q4 as the recovery in Scandinavian investment took hold. However, the pandemic continued to weigh on occupiers, with retail rents declining further in most... 22nd February 2021 · 6 mins read
Nordic & Swiss Economics Weekly Norges Bank to hike first; look out for off-colour mink We now forecast the Norges Bank to be the first advanced central bank to begin raising interest rates, in the second half of this year. This will provide a further fillip to the NOK, which we expect... 19th February 2021 · 6 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Jan.) Swedish inflation rose sharply, as expected, in January and is set rise above the Riksbank’s 2% target in Q2. In any case, policymakers have signalled that they will look through any temporary breach... 18th February 2021 · 2 mins read
Nordic & Swiss Chart Pack Super-sized boosts to energy inflation on the way Higher oil prices will provide a boost to energy inflation in most countries over the coming months, including in Switzerland and the Nordics. In Sweden and Norway, the energy component will be... 12th February 2021 · 5 mins read
Nordic & Swiss Economics Weekly Divisions to test compromises at the Riksbank While the Riksbank presented a united front at its meeting this week, we suspect that differences in opinion amongst Board members on how to proceed with the asset purchase programme will become more... 12th February 2021 · 7 mins read
Nordic & Swiss Economics Update Asset purchases set to divide opinions at the Riksbank This morning’s announcement that the Riksbank left its policy settings unchanged will have come as a surprise to no one. Policymakers are in no rush to raise the repo rate from zero, but there are... 10th February 2021 · 3 mins read
Nordic & Swiss Economics Weekly Swedish resilience, Swiss reluctance The latest data show that the Swedish economy is proving more resilient to virus containment measures than we had feared, giving the Riksbank some breathing room ahead of next week’s meeting. Having... 5th February 2021 · 7 mins read
Nordic & Swiss Central Bank Watch Riksbank to keep its powder dry for now The Riksbank is highly likely to leave its repo rate and other policy settings on hold next Wednesday (10th February), but we expect it to beef up its asset purchase programme again before long. 3rd February 2021 · 5 mins read
Nordic & Swiss Data Response Sweden GDP Indicator (Q4) & Man. PMIs (Jan.) The strong set of January manufacturing PMIs from Switzerland and the Nordics indicates that industry continued to cushion the blow from virus restriction-driven declines in services activity at the... 1st February 2021 · 2 mins read