Nordic & Swiss Data Response Norway Consumer Prices (Apr.) Exchange rate effects pulled Norway’s core inflation rate back down to target in April, and will continue to exert downward pressure over the coming months. However, pockets of home-grown price... 10th May 2021 · 2 mins read
Nordic & Swiss Economics Update Interest rate lift-off edging nearer in Norway As expected, the Norges Bank left its policy rate on hold at a record low of zero once again this morning but remains on track to be the first advanced central bank to start to raise interest rates... 6th May 2021 · 3 mins read
Nordic & Swiss Central Bank Watch Countdown to lift-off continues The Norges Bank is set to leave rates on hold at zero next Thursday, but the countdown to lift-off is ticking and tighter macroprudential policy to counter momentum in the housing market looms. 29th April 2021 · 5 mins read
Nordic & Swiss Economic Outlook Still running ahead of the pack As elsewhere in mainland Europe, the slow vaccine rollout means that the rebound in domestic activity is unlikely to get underway in earnest until Q3. Denmark is a noteworthy exception; its... 16th April 2021 · 13 mins read
Nordic & Swiss Chart Pack Rotation trade to resume and to drag the franc lower The partial unwinding in the reflation trade in recent weeks has stopped the decline in the Swiss franc in its tracks. Having depreciated against both the US dollar and the euro since the start of... 14th April 2021 · 5 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Mar.) The fact that core inflation in Norway came in above target for the fifteenth month in a row in March came as no surprise. However, it underlines that the Norges Bank is in a very different place to... 9th April 2021 · 3 mins read
Nordic & Swiss Economics Weekly Manufacturing to cushion blow from rising virus cases The spaghetti-tree hoax of 1957, which centred on a Swiss family harvesting spaghetti, is widely regarded as one of the most successful April Fools’ jokes, but Swiss manufacturers are far too busy at... 1st April 2021 · 5 mins read
Nordic & Swiss Economics Weekly Denmark charts new course as the SNB steams ahead While lockdowns are being tightened and/or extended in much of mainland Europe, the attention in Denmark is shifting towards easing restrictions, which should allow activity there to rebound sooner... 26th March 2021 · 6 mins read
Nordic & Swiss Economics Update Norges Bank gearing up to hike As we expected, the Norges Bank laid the groundwork this morning for the start of a tightening cycle, later this year. But we think it will raise interest rates sooner and faster than it currently... 18th March 2021 · 3 mins read
Nordic & Swiss Central Bank Watch Preparing for lift-off The Norges Bank will probably leave its key interest rate on hold at zero next Thursday, but we expect it to adopt a much more hawkish tone than it has up to now. It might also announce a re... 11th March 2021 · 5 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Feb.) Core inflation in Norway came in above target again in February, and while we expect it to fall in the coming months, home-grown price pressures should support the rate later in the year as activity... 10th March 2021 · 2 mins read
Nordic & Swiss Data Response Norway GDP (Jan.) & Sweden Activity Ind. (Jan.) The latest tightening of virus-related restrictions in Norway will weigh on domestic activity in the near term. However, Norway remains comparatively well placed, and we expect the Norges Bank to be... 9th March 2021 · 2 mins read
Nordic & Swiss Economics Weekly Bond market jitters; SNB cracks open the champagne We suspect that Swedish and Swiss government bond yields will come down again before long given the strong relationship with Bunds and the prospect of the ECB stepping in. However, our hawkish view... 26th February 2021 · 5 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Investor demand returning Office and industrial yields edged lower in Q4 as the recovery in Scandinavian investment took hold. However, the pandemic continued to weigh on occupiers, with retail rents declining further in most... 22nd February 2021 · 6 mins read
Nordic & Swiss Economics Weekly Norges Bank to hike first; look out for off-colour mink We now forecast the Norges Bank to be the first advanced central bank to begin raising interest rates, in the second half of this year. This will provide a further fillip to the NOK, which we expect... 19th February 2021 · 6 mins read
Europe Economics Update Norges Bank to start raising rates later this year We forecast the Norges Bank to be the first advanced central bank to begin raising interest rates, in the second half of this year. This will further bolster the krone, which we expect to be the best... 17th February 2021 · 3 mins read
