We expect the Norwegian krone and the Swedish Krone to appreciate against the euro this year. The krone looks significantly undervalued to us, whereas the krona is likely to benefit from the Riksbank’s recent hawkish shift. Elsewhere, the Swiss economy appears to have had a good start to the year. Next week, the key event will be the Riskbank’s policy meeting, where we expect policymakers to raise the key interest rate from 3.0% to 3.5% and forecast further hikes.
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