The rapid depreciation of the Swedish krona has pushed the currency down to its lowest ever level against the euro. Worse still, we do not think the krona is significantly below “fair value”, nor do we expect the headwinds facing it to abide anytime soon. As such, we are revising our end-2023 SEK forecast from 11.5/€ to 12.0/€ and our end-2024 forecast from 10.25/€ to 11.0/€.
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