Danske note that "the turn of the month,........>

SEK: Danske note that "the turn of the month, which also marks the end of Q2 and

H1, as usual puts the spotlight on potential rebalancing flows. While these tend

to be handled on a regular basis, any remaining need to adjust hedges favours

buying of the SEK. Foreign equities are up (barely) on the month, but more

clearly so on a quarterly basis (e.g. S&P +12% and Nasdaq +22% at the time of

writing), creating a need for Swedish investors to buy SEK. Swedish equities are

up as well, meaning that foreign investors should have a need to sell SEK. The

net effect, however, should be SEK-positive, as foreign equities have

outperformed their Swedish counterparts, but also as Swedish investors' foreign

holdings (~SEK5000bn) clearly outweigh foreigners' exposure to Swedish equities

(~SEK3000bn)."