A raft of economic data for Sweden, including August’s GDP indicator, published this week added to the evidence that its economy is slowing and heading for recession this winter. Meanwhile, Denmark’s central bank intervened to weaken the krone in September in what we think is a step towards the rate differential between the Nationalbank and the ECB widening from 10bp currently to 25bp. Next week, Nordic inflation data for September look set to confirm the strength of underlying price pressures in both Norway and Sweden.
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