EFTA Document EFTA01451210

9 January 2014 FX Blueprint: Thin end of the wedge Theme 1t4: - Swiss NOK'd-out We can think of three reasons to go short CHF/N0K. 1. The relative cycle is supportive of rate differentials. Inflation is at a much higher starting point in Norway than in Switzerland, leaving the Norges Bank much less room to manoeuvre than the SNB in the event of upside surprises to import prices or stronger European growth. Market pricing in Norway has evolved rapidly from three months ago, with the fir