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EUR/NOK Edges Toward Overnight Highs as Norges Bank to Purchase NOK 1.1bln in FX Daily

NORWAY
  • Norges Bank confirm they are to buy NOK 1.1bln in FX on a daily basis across September, prompting EUR/NOK to narrow the gap with overnight highs at 11.5857.
  • Bank statement here: https://www.norges-bank.no/en/news-events/news-pub...
  • The Bank buy and sell FX on behalf of the government to balance and finance the central government budget deficit. Sell-side expectations had seen these FX purchases waning at a faster pace across 2023, with many seeing the Bank switching from FX buying to FX selling into year-end.

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