It’s a very close call, but we think that the Riksbank will cut the repo rate back to -0.25% at its next scheduled rate decision on 28th April, if not before. Meanwhile, the recent rise in the Swiss franc against both the dollar and the euro means that we now expect the SNB to loosen policy sooner rather than later. Next week, our base case is that Denmark’s Nationalbank will match the 10bp rate cut we have pencilled in for the ECB on Thursday.
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