The possibility of countries keeping their borders with Sweden closed given the higher prevalence of Covid-19 there underlines that the country is likely to see limited economic benefit from its light-touch lockdown. Meanwhile, having fallen against the euro following the Franco-German proposal for a joint EU fiscal package, we forecast the Swiss franc to ease further, to CHF 1.08 per euro, by year-end. Next week, we expect data to show that the unemployment rate in Sweden rose in April and the KOF Economic Barometer increased in May.
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