e interest rate cycle in the US. Target a gradual move to 8.55 in EUR/SEK, with a stop @ 9.15. In options a3m EUR/SEK 8.65 put costs an indicative 52bp, and can be largely financed by selling a 3m EUR/SEK call with a strike around the more than 2y highs @ 9.15. Figure 1: Albeit with a lag, the Swe