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Swiss Franc, Scandinavian Currencies Most Exposed to Trade War

  • Dollar and yen are the least vulnerable, says Danske Bank
  • Analysis is based on exposure to China and commodities: Danske
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The Swiss franc and Scandinavian currencies are among the most vulnerable to the escalating trade war between the U.S. and China.

The franc, Danish krone and Swedish krona are likely to be the worst-affected given that they represent small and open economies even though the nations’ direct trade exposure to China is relatively low, according to Danske Bank A/S. Hungary’s forint looks “particularly vulnerable” among emerging-market exchange rates given its high sensitivity to metal prices.