SHB Forecast

Forecast updated 2013-05-20

Policy rates	Latest value	<1 m	<3 m	<6 m	<12 m	<24 m	<36 m
Sweden	1.00	1.00	1.00	1.00	1.00	1.50	2.00
US	0.125	0.125	0.125	0.125	0.125	0.750	2.000
Eurozone	0.50	0.50	0.25	0.25	0.25	0.25	0.25
Norway	1.50	1.50	1.25	1.25	1.25	2.00	2.50
Denmark	0.20	0.20	0.10	0.10	0.10	0.10	0.25
UK	0.50	0.50	0.50	0.50	0.50	0.50	1.50

3M Interbank rates	Latest value	<1 m	<3 m	<6 m	<12 m
Sweden	1.20	1.20	1.25	1.25	1.25
US	0.27	0.30	0.30	0.40	0.50
Eurozone	0.20	0.20	0.15	0.15	0.15
Norway	1.74	1.70	1.60	1.60	1.60
Denmark	0.23	0.25	0.20	0.20	0.20

2Y Govt yields	Latest value	<1 m	<3 m	<6 m	<12 m	<24 m	<36 m
Sweden	0.83	0.70	0.65	1.00	1.15	1.55	1.90
US	0.26	0.25	0.25	0.35	0.55	1.00	2.20
Eurozone (Germany)	0.00	0.00	0.00	0.00	0.10	0.20	0.30
Norway	1.16	1.20	1.15	1.20	1.40	1.90	2.40
Denmark	-0.10	-0.10	-0.15	-0.15	0.00	0.20	0.40
Finland	0.07	0.10	0.10	0.15	0.15	0.20	0.25
UK	0.34	0.25	0.25	0.40	0.60	0.75	1.00

5Y Govt yields	Latest value	<1 m	<3 m	<6 m	<12 m	<24 m	<36 m
Sweden	1.36	1.00	0.70	1.20	1.40	1.70	2.10
US	0.84	0.70	0.70	0.80	1.00	1.40	2.50
Eurozone (Germany)	0.41	0.30	0.30	0.30	0.45	0.60	0.75
Norway	1.49	1.40	1.30	1.50	1.60	2.10	2.60
Denmark	0.29	0.30	0.25	0.25	0.45	0.60	0.80
Finland	0.37	0.45	0.45	0.80	0.80	0.90	1.10
UK	0.85	0.70	0.70	0.85	0.95	1.30	1.60

10Y Govt yields	Latest value	<1 m	<3 m	<6 m	<12 m	<24 m	<36 m
Sweden	1.84	1.45	1.35	1.80	2.00	2.40	2.50
US	1.94	1.75	1.75	1.80	2.00	2.40	3.00
Eurozone (Germany)	1.41	1.30	1.30	1.30	1.50	1.70	1.90
Norway	2.14	2.10	2.00	2.10	2.20	2.70	3.20
Denmark	1.50	1.40	1.40	1.45	1.60	1.80	2.00
Finland	1.59	1.55	1.55	1.65	1.85	2.10	2.30
UK	1.93	1.75	1.75	1.90	2.10	2.25	2.50

2Y Swaps	Latest value	<1 m	<3 m	<6 m	<12 m
Sweden	1.25	1.40	1.40	1.35	1.50
US	0.39	0.40	0.40	0.50	0.70
Eurozone (Germany)	0.39	0.40	0.40	0.40	0.50
Norway	1.93	1.85	1.80	1.85	2.05
Denmark	0.53	0.55	0.55	0.60	0.70
UK	0.63	0.62	0.65	0.75	0.90

5Y Swaps	Latest value	<1 m	<3 m	<6 m	<12 m
Sweden	1.66	1.75	1.75	1.75	1.95
US	0.99	0.85	0.85	0.95	1.15
Eurozone (Germany)	0.84	0.80	0.80	0.80	0.95
Norway	2.38	2.40	2.30	2.40	2.50
Denmark	0.99	1.00	1.00	1.00	1.10
UK	1.07	1.05	1.05	1.15	1.30

10Y Swaps	Latest value	<1 m	<3 m	<6 m	<12 m
Sweden	2.24	2.25	2.25	2.25	2.45
US	2.08	1.85	1.85	1.90	2.10
Eurozone (Germany)	1.66	1.60	1.60	1.60	1.80
Norway	3.10	3.10	3.00	3.10	3.20
Denmark	1.79	1.75	1.75	1.75	1.90
UK	2.03	2.00	2.00	2.05	2.15

Forecast updated 2013-05-15

	Latest value	<1 m	<3 m	<6 m	<12 m	<24 m	<36 m
EUR/SEK	8.56	8.65	8.70	8.30	8.20	8.10	8.00
USD/SEK	6.62	6.71	6.85	6.75	7.45	8.10	8.00
GBP/SEK	10.06	10.30	10.48	9.88	10.00	10.13	10.67
NOK/SEK	1.14	1.15	1.17	1.13	1.12	1.13	1.13
DKK/SEK	1.15	1.16	1.17	1.11	1.10	1.09	1.07
CHF/SEK	6.85	6.98	7.02	6.80	6.72	6.48	6.15
JPY/SEK	6.48	6.57	6.52	6.43	7.10	7.04	6.96

EUR/USD	1.29	1.29	1.27	1.23	1.10	1.00	1.00
USD/JPY	102.55	102.00	105.00	105.00	105.00	115.00	115.00
EUR/GBP	0.850	0.840	0.830	0.840	0.820	0.800	0.750
GBP/USD	1.51	1.54	1.53	1.46	1.34	1.25	1.33
EUR/CHF	1.25	1.24	1.24	1.22	1.22	1.25	1.30

EUR/DKK	7.45	7.45	7.45	7.45	7.45	7.46	7.46
USD/DKK	5.79	5.78	5.87	6.06	6.77	7.46	7.46
GBP/DKK	8.77	8.87	8.98	8.87	9.09	9.32	9.94
CHF/DKK	5.96	6.01	6.01	6.11	6.11	5.96	5.73
JPY/DKK	5.65	5.66	5.59	5.77	6.45	6.48	6.48

EUR/NOK	7.47	7.55	7.45	7.35	7.30	7.20	7.10
SEK/NOK	0.87	0.87	0.86	0.89	0.89	0.89	0.89
USD/NOK	5.81	5.85	5.87	5.98	6.64	7.20	7.10
GBP/NOK	8.79	8.99	8.98	8.75	8.90	9.00	9.47
CHF/NOK	5.98	6.09	6.01	6.02	5.98	5.76	5.46
JPY/NOK	5.66	5.74	5.59	5.69	6.32	6.26	6.17

USD/BRL	2.04	N/A	2.00	2.05	2.12	2.17	2.25
USD/RUB	31.27	31.80	32.00	33.00	35.00	37.00	35.00
USD/INR	55.40	54.00	54.00	54.00	53.00	51.00	50.00
USD/CNY	6.14	6.21	6.20	6.15	6.10	6.05	6.00
EUR/PLN	4.19	4.10	4.10	4.10	4.00	3.90	3.75

Forecasts updated 2013-04-25

	2012	2013f	(Previous forecast)	2014f	(Previous forecast)	2015f	(Previous forecast)
Sweden	1.20	1.90	2.00	3.20	3.40	2.40	N/A
Norway	3.20	2.20	2.50	2.30	2.40	2.30	N/A
Norway Mainland	3.50	2.70	2.80	2.90	3.20	3.00	N/A
Finland	-0.20	0.70	1.70	1.80	2.80	2.20	N/A
Denmark	-0.50	-0.10	0.30	0.70	1.20	0.80	N/A

EMU	-0.60	-0.60	-0.50	1.00	1.00	1.10	N/A
USA	2.20	2.20	2.20	2.60	2.60	2.60	N/A
UK	0.30	0.80	1.00	1.30	1.40	1.10	N/A
Japan	2.00	1.00	0.80	1.20	1.00	1.40	N/A

Brazil	0.90	3.10	3.20	3.60	3.50	3.50	N/A
Russia	3.60	3.20	3.40	3.60	3.80	3.40	N/A
India	5.10	5.00	5.00	6.00	6.00	7.00	N/A
China	7.80	7.50	7.70	7.50	7.50	7.00	N/A

Czech Republic	-1.00	-0.10	0.20	2.10	2.50	2.30	N/A
Hungary	-1.30	-0.30	0.00	1.70	1.90	2.10	N/A
Poland	2.10	1.30	1.70	2.70	2.60	3.00	N/A
Slovakia	2.30	1.10	1.40	2.50	2.70	2.80	N/A

Forecasts updated 2013-04-25

	2012	2013f	(Previous forecast)	2014f	(Previous forecast)	2015f	(Previous forecast)
Sweden	0.90	0.30	0.30	1.30	1.30	2.00	N/A
Norway	0.80	1.30	1.50	1.50	1.90	2.00	N/A
Finland	2.80	2.10	2.60	2.60	2.40	2.80	N/A
Denmark	2.40	1.20	1.80	1.80	2.00	1.90	N/A

EMU	2.50	1.70	1.70	1.70	1.70	1.70	N/A
USA (core)	1.70	1.50	1.60	2.30	2.30	2.40	N/A
UK	2.80	2.70	2.50	2.50	2.20	2.20	N/A

Forecasts updated 2013-04-25

	2012	2013f	(Previous forecast)	2014f	(Previous forecast)	2015f	(Previous forecast)
Sweden	8.00	8.30	8.40	8.50	8.40	8.00	N/A
Norway	3.20	3.40	3.30	3.50	3.50	3.50	N/A
Finland	7.70	8.20	8.00	8.00	7.40	7.70	N/A
Denmark	6.10	6.10	6.60	6.40	6.70	6.40	N/A

EMU	11.40	12.30	12.30	12.40	12.20	12.40	N/A
USA	8.10	7.50	7.80	7.10	7.40	6.70	N/A
UK	8.10	8.20	8.20	8.10	8.10	8.00	N/A