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 to be the best-performing G10 currency this year by some margin. Next week, the ETI from Sweden for February is likely to show that activity has remained resilient in the face of virus-related restrictions. Meanwhile, Q4 GDP data from Switzerland are likely to show that GDP flat-lined from the previous quarter.
Our latest Global State of Play webinar will be held on Thursday, 25th February. Neil Shearing will lead a discussion with our senior economists on a range of topics, including the progress of vaccinations and the impact on economic activity, the experience of Israel and others leading the vaccine race, as well as the latest on the US fiscal stimulus debate. Register here.
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