Nordic & Swiss Data Response Sweden, Finland & Denmark GDP (Q3), Swiss KOF (Nov.) The pick-up in Swedish GDP growth in Q3 means that a rate hike by the Riksbank at its next meeting is now pretty much a done deal. But if, as we expect, the economy slows next year, we think the Bank... 29th November 2019 · 2 mins read
Nordic & Swiss Data Response Norway and Denmark Consumer Prices (Oct.) While we expect the Norges Bank to leave its key policy interest rate on hold at 1.50% into 2022, the persistence of above-target core inflation in Norway will ensure that it maintains a comparatively... 11th November 2019 · 2 mins read
Nordic & Swiss Economics Weekly Riksbank to hike back to zero; Finland losing steam While the Riksbank appears dead-set on raising its repo rate back to zero in December, we suspect that it will only be a matter of time before it will have to loosen policy again. Meanwhile, we expect... 25th October 2019 · 6 mins read
Nordic & Swiss Central Bank Watch Further rate cuts in the pipeline We expect the Riksbank and the Norges Bank to leave interest rates on hold at their policy meetings this week. Elsewhere, we think that the Central Bank of Iceland will cut rates at its next meeting... 22nd October 2019 · 8 mins read
Nordic & Swiss Chart Pack NOK to fall further before reversing course next year While the Swiss and Swedish economies appear to have contracted in Q3, mainland GDP growth in Norway is chugging along nicely. And even though activity is set to slow in 2020, Norway will remain a... 17th October 2019 · 10 mins read
Nordic & Swiss Economic Outlook Easing cycles have further to run In keeping with our bearish view on the euro-zone, our forecasts for GDP growth in Switzerland and the Nordic economies over the coming years are generally well below consensus. Switzerland is most... 16th October 2019 · 21 mins read
Nordic & Swiss Economics Weekly Division at the Riksbank; SNB tweaks tiering system The tweaks to the SNB’s tiering system, which will make it more generous for domestic banks, give policymakers cover to cut interest rates further as and when needed. Meanwhile, we think the 25bp rate... 20th September 2019 · 4 mins read
Nordic & Swiss Data Response Swedish, Norwegian & Danish Consumer Prices (Aug.) The weakness of Swedish inflation in August pours even more cold water over the Riksbank’s forecasts for an interest rate hike over the next six months. We are sticking to our view that policymakers... 10th September 2019 · 2 mins read
Nordic & Swiss Economics Weekly Riksbank to (finally) turn more dovish next week While the Riksbank is likely to leave its repo rate on hold at -0.25% at its policy meeting on Thursday next week, we expect it to adopt a more dovish stance and to slash its forecasts for the economy... 30th August 2019 · 6 mins read
Nordic & Swiss Data Response Finland & Denmark GDP (Q2), Swiss KOF (Aug.) Although today’s release of GDP data for Finland and Denmark shows that both economies grew solidly in Q2, we suspect that quarterly growth will slow in both in the coming quarters. Meanwhile, the... 30th August 2019 · 2 mins read
Nordic & Swiss Economics Weekly NOK to reach record low; DKK “trumps” central target After recently changing our Norges Bank forecast, we now expect the NOK/EUR to fall to a record-low of 10.50 by end-2019. Meanwhile, next week we expect a raft of Q2 GDP data to show that while growth... 23rd August 2019 · 6 mins read
Nordic & Swiss Economics Weekly Swiss bonds soar; Norges Bank hawkish no more Safe-haven demand has seen Swiss bond yields plumb new depths and has continued to boost the franc. We think that it is only a matter of time before the SNB cuts interest rates further into negative... 16th August 2019 · 4 mins read
Nordic & Swiss Chart Pack SNB to shift through the gears The pick-up in FX interventions by the Swiss National Bank (SNB) in recent weeks is likely to be the first step towards a rate cut. But predicting when the interventions will be dialled down and the... 15th August 2019 · 10 mins read
Nordic & Swiss Central Bank Watch One more hike by the Norges Bank; SNB to cut further Investors have moved in line with our previously uber-dovish forecasts for the SNB and the Riksbank in recent months. Meanwhile, although further tightening is in the pipeline in Norway, investors are... 8th August 2019 · 8 mins read
Nordic & Swiss Data Response Norwegian & Danish Consumer Prices (Jun.) The larger-than-expected fall in the headline Norwegian inflation rate in June is unlikely to change the Norges Bank’s hawkish bias. With core price pressures still running above target, it is set to... 10th July 2019 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Jun.) The Swiss manufacturing PMI for June shows that conditions in the industrial sector have worsened going into H2, while the indicator from Sweden suggests that the economy contracted in the second... 1st July 2019 · 2 mins read
