According to Jinshi Data, since the beginning of the year, the Swedish and Norwegian currencies have become popular choices for traders betting on a European economic recovery. The Swedish krona has climbed more than 10% against the dollar this year, on track for its biggest quarterly gain since 2010. The Norwegian krona rose more than 8% against the dollar, its biggest gain in more than two years. The two have become the best performing G10 developed market currencies this year, ahead of the euro and pound. Investors are betting on interest rate hikes in Scandinavian countries and massive spending boosts promised by Germany and other large economies. Kamal Sharma, a foreign exchange strategist at Bank of America, said Scandinavian currencies are like the euro on steroids.
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According to Jinshi Data, the Brazilian Central Bank said that the total scale of the interest rate hike cycle will be determined based on a firm commitment to achieving inflation targets. The specific scale will depend on inflation dynamics, expectations, output gaps and risk balance.
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