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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NOK
- EUR/NOK continues to push to fresh cycle highs this week, making 2023 the poorest start to the year for NOK ex-pandemic since 2004. The move lower for NOK coincides with markets pricing a lower peak rate for the Norges Bank in 2023, with 3m FRAs factoring out over 50bps in tightening since peak pricing in September last year.
- The cross also received a notable boost from the higher-than-expected FX purchase op timetable on Tuesday, with NOK 1.9bln in FX to be bought per day across February, vs. Exp. NOK 1.5bln
- March 23rd's Norges Bank rate decision will be accompanied by fresh path projections and could mark the final tightening step of this cycle (January guidance: "we will most likely raise the policy rate in March"). Focus will turn to the expected pivot point for the policy rate, with December projections eyeing Q1 2024 for possible rate cuts.
- Next upside levels cross at the 11.00 figure, 11.1748, the 1.00 projection of the Aug 25 - Sep 30 - Nov 4 price swing as well as the late 2020 recovery highs at 11.2113.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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