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Danske Bank note that "as expected NOK was quick to erase the immediate support from the Norges Bank rate hike and forward guidance as EUR/NOK almost returned to pre-Norges Bank levels 30 minutes after the announcement. Meanwhile, NOK strength resumed later in yesterday's session as reflation trades performed on not least a steepening of global yield curves. With NOK trading like a European value asset it was therefore no surprise to see NOK as one of the big gainers among FX majors. The big question is how long the reflation trade can continue as this will determine NOK's potential. We remain fairly sceptical on the persistency of NOK strength and still prefer to sell this rally rather than to buy it."