VIEW: Goldman Sachs' "generally upbeat view.....>

SEK: VIEW: Goldman Sachs' "generally upbeat view on Euro area assets extends to

the Swedish Krona, the traditional high-beta G10 satellite in the region. And

the fact that the manufacturing sector appears less exposed to this crisis than

traditional recessions should help with that, considering Sweden's high exposure

to "early" manufacturing inputs. That said, we continue to think NOK should

outperform over the medium term given Norway's unique fiscal mechanism, domestic

factors that might make the country relatively better equipped for the COVID

crisis, and possible monetary policy divergence. The monetary policy point could

come into sharper focus with the Riksbank meeting this week. While Norges Bank

has signaled that rates are firmly on hold, some members of the Riksbank's

Executive Board have made it clear they will likely call for negative rates as a

way to support the economic recovery once activity constraints are no longer

required. While that point does not seem to have arrived yet, it is possible

that clearer messaging on this front will bring the risk of negative rates in

Sweden to investors' attention once again."