The bank said swings in oil prices linked to the Iran conflict have been the main driver of inflation expectations and currency moves. The bank rates the Swedish krona, New Zealand dollar, Australian dollar, British pound, Chinese yuan and, newly, the Norwegian krone as attractive, citing resilient economic fundamentals and supportive carry opportunities. In emerging markets, UBS said interest-rate carry should remain the primary driver of returns after strong spot gains in recent quarters. UBS warned that the outlook remains highly dependent on oil prices and the evolution of the Middle East conflict. Related articlesUBS adds Norwegian krone to top FX picks as oil rally seen cappedAs Claude disrupts stock market, Anthropic researcher warns 'world is in peril'Morgan Stanley CIO survey: Why AI hype isn't boosting 2026 IT budgets