ve 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 Swedish PMI is likely to follow USD and DEM PMIs higher 70 - 65 - 60 — 55 — 50 — 45 — 40 - 35 - 30 - 2005 2006 2007 2008 2009 '2010 I 2011 '2012 I San Detach.