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This is just another picture that reflects the massively relevant impact of global growth slowing in the face of a US Dollar appreciating.

Sweden’s economy is tied to commodities and global infrastructure – the WEF ranks them as the 4th most competitive economy. Yes, the Swedish Krona looks like it had quite a run alongside those 2 global investment "themes" since 2005 doesn't it!

Local CPI was reported today, a touch better than expectations. This stagflation tastes nothing like Swedish Fish.
KM