Sub-50 Swiss PMI, lower oil prices weigh on NOK

As we expected, the KOF Economic Barometer from Switzerland edged down in April and remained consistent with Swiss GDP growth staying subdued in quarterly terms this year. The sub-50 reading for the manufacturing PMI in April points to a deepening downturn in the industrial sector, though, and conditions are not much better in Sweden. Meanwhile, a sharp fall in the oil price took a toll on the Norwegian krone this week.

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