The renewed appreciation of the Swiss franc this week as investors sought out safe haven assets will not have been welcomed by the SNB. But the franc is still weaker than it has been over the past few years so we do not expect the SNB to alter its stance. Meanwhile, despite Nordic data released earlier today showing weak underlying inflation in July, we think that interest rates will rise in both Sweden and Norway before the end of the year. Next week we expect the Norges Bank to reaffirm its intention to raise rates in September.
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