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All Danish Publications

Morgenmelding Danmark —

Bjarke Roed-Frederiksen, Senior Economist | bjro03@handelsbanken.dk

Morgenmelding Danmark —

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

Global Macro Comment — SEK undervalued and USD overvalued

Although it is widely accepted that exchange rates vary substantially and are difficult to forecast, models based on economic fundamentals can track the evolution of the exchange rate rather well in the long run. Deviations between the actual and the estimated equilibrium exchange rates may be sustained for fairly long periods, but the exchange rate eventually tends to experience a correction toward its equilibrium lev-el. Our new fair value model indicates that the USD is currently overvalued, while the EUR, GBP and CNY are broadly in line with fundamentals and the JPY, NOK and the SEK are undervalued. Our fair value es-timate for USD/SEK is 7.5 and 9.5 for EUR/SEK.

Anders Bergvall, Senior Economist | anbe83@handelsbanken.se

Global Macro Forecast — Global economy on shaky ground

• A downturn is imminent
• Time for politicians to step up
• Interest rates remain low

Lena Fahlén, Head of Economic Research | leli15@handelsbanken.se

Morgenmelding Danmark —

Bjarke Roed-Frederiksen, Senior Economist | bjro03@handelsbanken.dk

Morgenmelding Danmark —

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk