UBS raised its EUR/SEK forecasts to 11.00 for December, 10.90 for March 2027, 10.70 for June 2027 and 10.60 for September 2027, citing the Swedish krona’s low-yielding status despite improving domestic fundamentals. The Riksbank is expected to hold, while the European Central Bank (ECB) is likely to hike in September. Nordea said the odds of a 25-basis-point ECB increase were rising as underlying inflation remained persistent and negotiated wage growth stayed above levels consistent with the ECB’s 2% target; markets priced roughly a 60% chance of a move. A hike would raise the deposit rate to 4.00%. UBS kept its Norwegian krone forecasts at 10.70, 10.60 and 10.50 through June 2027 and added 10.50 for September, citing Norway’s carry profile, a still-hawkish Norges Bank and energy exports.