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Currency Again a Focus for Norges Bank Policymakers

NORGES BANK
  • Currency again a focus at the NB decision, getting another mention in the statement: " If the krone turns out to be weaker than assumed [...] a higher-than-projected policy rate may be needed". The I-44 projections get another revision higher (NOK weaker), however the currency is again expected to strength from Q2, and gain again in each quarter across the forecast horizon. Their assumption sees NOK rallying 2.5% into year-end.
  • Markets continue to price tighter policy ahead: New contract highs for the 3m Dec/Mar NOK FRA - rising to touch 4.79 points, while EUR/NOK now within range of 11.4401 100-dma support - last crossed in November last year.
  • Press conference with governor Wolden Bache starts in 2 minutes here (in Norwegian): https://www.norges-bank.no/en/topics/Monetary-poli...

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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