EFTA Document EFTA01451212

9 January 2014 EX Blueprint Thin end of the wedge Theme #6: SEK to score with thaw • The krona is not the main culprit of a lukewarm Swedish recovery. Rather the latter reflects a broader trend of DMs losing market share to EMs. • But global recovery still positive for the high beta Swedish economy and SEK. Moreover, global growth is equity supportive which is bullish SEK. Swedish growth numbers have disappointed repeatedly over the past 6-9 months, causing market participants to sc