Nordic & Swiss Central Bank Watch Riksbank to test the water soon with change of language With the Riksbank on track to raise interest rates this year, it is likely to test the water soon by dropping its pledge to loosen policy further if necessary. But as inflation expectations in Sweden... 8th February 2018 · 1 min read
Nordic & Swiss Data Response Swedish Private Production (Dec.) Despite falling in December, Swedish private production growth accelerated over Q4. With the economy’s strong performance causing inflationary pressures to build, the Riksbank remains on track to... 6th 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 Sweden Econ. Tend. Survey (Jan.) & Unemploy. (Dec.) The Economic Tendency Survey suggests that the Swedish economy lost some momentum at the start of 2018. But this is unlikely to prevent the Riksbank from tightening policy later this year. 25th 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
Nordic & Swiss Data Response Swedish Consumer Prices (Dec.) Swedish policymakers will be discouraged by the fact that the decline in inflation in December was due to slower inflation for domestic goods and services. But with resource utilisation strong... 12th January 2018 · 1 min read
Nordic & Swiss Economics Update Riksbank’s early reinvestments unlikely to delay rate rise While the Riksbank’s early bond reinvestments will make policy slightly more expansionary in the short term, the minutes of December’s meeting suggest that the decision to bring forward reinvestments... 10th January 2018 · 1 min read
Nordic & Swiss Economics Update Twenty-fourth time lucky for the Riksbank? After bringing its net asset purchases to a close last month, the Riksbank reiterated that it expects to raise interest rates in September this year. The Bank’s track record suggests that this... 4th January 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Dec.) December’s Swedish and Norwegian manufacturing PMIs suggest that industry in both countries ended 2017 on a strong note. But only in Sweden do we expect healthy economic growth to put sustained upward... 2nd January 2018 · 1 min read
Nordic & Swiss Economics Update Currencies weaken despite hawkish central banks The Swedish and Norwegian central banks delivered fairly hawkish assessments of the outlook for monetary policy this month, but that did not stop their currencies from depreciating. Meanwhile, the... 21st December 2017 · 1 min read
Nordic & Swiss Economics Update Riksbank signals gradual shift towards tighter policy The Riksbank’s announcement that it will end its net asset purchases this month is the beginning of a shift towards tighter monetary policy in Sweden. We think that it will ultimately raise interest... 20th December 2017 · 1 min read
Nordic & Swiss Central Bank Watch Riksbank to confirm end of QE this month While there are some reasons to think that the Riksbank will extend its quantitative easing programme when it meets next week, we think that policymakers will let it expire. We also think that the... 13th December 2017 · 1 min read
Nordic & Swiss Chart Pack Denmark weak in Q3, Sweden powered ahead The Nordic and Swiss Q3 GDP data revealed large differences between the best and worst performing economies. A quarterly contraction of 0.6% meant that Denmark underperformed the rest of the pack by a... 12th December 2017 · 1 min read
Nordic & Swiss Economics Focus Will housing bubbles prompt early rate hikes? Macro-prudential policies to cool the housing markets in Switzerland and Norway will allow their central banks to keep monetary policy loose, boosting inflation from its current low rates. By contrast... 12th December 2017 · 1 min read
