MNI: US JAN FINAL SERVICES PMI 52.9 (FLASH: 52.8); DEC 56.8

MNI BRIEF: U.S. Wage Growth Stagnating At Strong Levels - ADP

CANADA'S 2024 U.S. TRADE SURPLUS WAS CAD102B VS PRIOR CAD108B

MNI China Daily Summary: Wednesday, February 5

MNI BRIEF: China Spring Festival Trips Up 5.9% Y/Y

MNI: PBOC Net Drains CNY716.5 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR +8.66M TO 423.8M JAN 31 WK

MNI: US ISM JAN SERVICES COMPOSITE INDEX 52.8

MNI: CANADIAN DEC TRADE BALANCE CAD +0.7 BILLION

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NORGES BANK: Expected On Hold At 4.50% At 0900GMT, March Guidance Still Likely

NORGES BANK
Central Bank NewsCEEMEANorges BankBulletNorwayMarketsFixed Income BulletsForeign Exchange Bullets

Norges Bank is unanimously expected to keep rates on hold at 4.50% at 0900GMT/1000CET. At the December decision, the bank signalled that the policy rate would most likely be cut at the March meeting. There has not been enough new information domestically to shift consensus away from this guidance.

  • Analysts and markets expect the policy statement to continue guiding for a March cut, though one area of interest will be whether the exchange rate returns to having a prominent role in the risk assessment.
  • We view the risks to the decision as slightly tilted in a hawkish direction, with the weak exchange rate, higher commodity prices and increases in global implied policy rates all hawkish inputs into Norges Bank’s framework.
  • NOKSEK is currently ~0.9765, with initial support at 0.9717 (Jan 2 low) and resistance at 0.9859 (Jan 15 high and 61.8% retracement of the Nov 22nd – Dec 20th bear leg).
  • MNI’s full Norges Bank preview is here.
154 words

To read the full story

Close

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.

Norges Bank is unanimously expected to keep rates on hold at 4.50% at 0900GMT/1000CET. At the December decision, the bank signalled that the policy rate would most likely be cut at the March meeting. There has not been enough new information domestically to shift consensus away from this guidance.

  • Analysts and markets expect the policy statement to continue guiding for a March cut, though one area of interest will be whether the exchange rate returns to having a prominent role in the risk assessment.
  • We view the risks to the decision as slightly tilted in a hawkish direction, with the weak exchange rate, higher commodity prices and increases in global implied policy rates all hawkish inputs into Norges Bank’s framework.
  • NOKSEK is currently ~0.9765, with initial support at 0.9717 (Jan 2 low) and resistance at 0.9859 (Jan 15 high and 61.8% retracement of the Nov 22nd – Dec 20th bear leg).
  • MNI’s full Norges Bank preview is here.