Nordic & Swiss Economics Update External market drivers Trump domestic factors The election of Donald Trump in the US drove large moves in Nordic and Swiss financial markets last month, with currencies generally depreciating against the US dollar while long-term bond yields... 1st December 2016 · 1 min read
Nordic & Swiss Economics Update SNB will struggle to keep franc’s rise at bay The Swiss National Bank’s (SNB’s) pledge to intervene in foreign exchange markets appears to havealleviated upward pressure on the franc in the wake of the US election. But experience has shown... 16th November 2016 · 1 min read
Nordic & Swiss Economics Update Strong króna may yet prompt a rate cut in Iceland The Central Bank of Iceland’s decision to keep interest rates unchanged rests on overly cautious assumptions for the króna and on fears about fiscal policy and capital controls that will probably not... 16th November 2016 · 1 min read
Nordic & Swiss Economics Update Riksbank minutes support expectations of QE extension Today’s minutes showed broad support for an extension of the Riksbank’s government bond purchase programme. Combined with the uncertainty created by Donald Trump’s victory in the US, an extension of... 9th November 2016 · 1 min read
Nordic & Swiss Economics Update Trump win could widen policy divergence next year We suspect that the Nordic and Swiss economies will see limited effects from Mr Trump’s victory. Butit makes monetary policy divergence between Switzerland and Sweden next year slightly more likely. 9th November 2016 · 1 min read
Nordic & Swiss Economics Update What will the US election mean for the Nordic and Swiss economies? The importance of international trade to the Nordics and Switzerland, as well as the franc’s role as a safe haven, mean that the outcome of the US election is potentially important to the region. This... 8th November 2016 · 1 min read
Nordic & Swiss Economics Update Sweden’s Riksbank takes centre stage The most noteworthy market developments last month were prompted by expectations of further policy loosening from Sweden’s Riksbank, with the krona depreciating sharply last month as a result... 3rd November 2016 · 1 min read
Nordic & Swiss Economics Update Little risk to growth from Iceland’s election The next Icelandic government may be an unconventional one, but improvements to Iceland’s public finances and external position since the crisis mean that there is little risk to economic growth. 31st October 2016 · 1 min read
Nordic & Swiss Economics Update Riksbank set to loosen further but tide will turn before long It seems very likely that the Riksbank will extend its bond purchase programme after it stepped up its dovish rhetoric and suggested that it might even cut the repo rate further. But given our... 27th October 2016 · 1 min read
Nordic & Swiss Economics Update Norges Bank leaves policy unchanged, but rate cuts to come The Norges Bank left its key policy rate on hold today and reiterated that no change was likely in the near future. But we think that more monetary loosening will be needed in 2017. 27th October 2016 · 1 min read
Nordic & Swiss Economics Update Cautious SNB won’t hike rates for some time yet Fears that domestic price pressures might prompt the Swiss National Bank to tighten monetary policy proved unfounded today as it left its interest rate target at 0.25%. The Bank’s tone was gloomier... 16th October 2016 · 1 min read
Nordic & Swiss Economics Update Icelandic interest rates to be left unchanged until mid-2017 The uncertainty surrounding capital account liberalisation suggests that the Central Bank of Iceland will keep interest rates unchanged for a while longer. But with inflationary pressures set to build... 5th October 2016 · 1 min read
Nordic & Swiss Economics Update Norges Bank to cut interest rates to zero next year The Norges Bank left its key policy rate on hold today and signalled that no change was likely in the remainder of the year. But we think that more monetary loosening will be needed in 2017. 22nd September 2016 · 1 min read
Nordic & Swiss Economics Update Riksbank minutes suggest no extension of asset purchases The minutes of the Riksbank’s latest meeting revealed that at least half of the Executive Board thought that there is little need for the Bank to extend asset purchases beyond December. Indeed... 21st September 2016 · 1 min read
Nordic & Swiss Economics Update SNB to remain in strongly accommodative mode Despite the improvement in financial market conditions, continued recovery of the Swiss economy and softening of the franc, the Swiss National Bank (SNB) re-emphasised today that it intends to... 19th September 2016 · 1 min read
Nordic & Swiss Economics Update SNB on hold, but set to renew currency interventions The Swiss National Bank’s decision to leave policy on hold came as no surprise as easing Brexit fears and the ECB’s inaction have led upward pressure on the franc to abate. But the SNB made clear that... 15th September 2016 · 1 min read
