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Continues To Underperform In Spite Of Higher Brent Futures

NOK

NOK continues to underperform the G10 as Brent futures take a leg down following headlines suggesting that OPEC's Thursday meeting may be further delayed.

  • Brent futures remain around 0.5% higher on the day and within yesterday's ranges after the latest downtick, though EURNOK and USDNOK remain 0.5-0.6% higher on the day at typing.
  • The Norges Bank released preliminary growth data from its Q4 regional network survey today (due to an erroneous early publication of the results in a speech last week), which showed deteriorating growth expectations in the retail and construction sectors for Q4 2023 and Q1 2024 - though oil services continued to signal strong growth.
  • Those growth figures may be weighing on NOK, but it is hard to gain meaningful insight into the report without the full set of data (on wages, employment and prices) released next week on Dec 7.
  • This week's domestic calendar includes Norges Bank FX purchases on Thursday, and PMIs/unemployment on Friday. These datapoints have not been majorly market moving in recent months, and NOK will likely be driven by external factors in the near-term as a result.
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