EURNOK has breached the key 9.4613 level...>

EURO-NOK: EURNOK has breached the key 9.4613 level this morning to make a new

low for the year. Further NOK strength could take EURNOK down to the lower end

of the major descending channel at 9.3758. Holding below 9.4676 maintains the

bearish breakout. While the Norges Bank's Regional Network report notes slightly

weaker output growth compared to January, there is increase optimism regarding

the outlook for the next six-months, which is running at the highest level since

2012. This optimism together with the continuing tightening in the labour

market, also highlighted by the Norges bank report, will keep Autumn rate hike

expectations in place. See MNI Main Wire for more details - MNI 5 Things: Norges

Bank Report Notes Growth Softer.