Safe-haven demand for the Swiss franc increased this week as the Italian Government clashed with the EU over its 2019 Budget. With worries about Italy set to persist, we think that the franc will weaken only slightly against the euro as the SNB lags behind the ECB in normalising policy. Meanwhile, the continued lack of a government in Sweden is unlikely to deter the Riksbank from signalling next week that it will start raising interest rates in December.
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