Worth watching the Norges Bank FX Purchases update for June due in just over 10 minutes time - follows the new series high in the NOK I-44 import-weighted exchange rate posted yesterday alongside the oil slide. This tilted the Q2 I-44 FX rate average to 122.10, 2.2% above the 119.50 assumption at the March MPR. These projections will be updated at the Jun22 rate decision.
The May figure disappointed markets by confirming NOK 1.4bln in daily purchases over the course of the month - this ran counter to expectations NOK selling could shift to NOK buying in the coming months.
SEB expect the Norges Bank to keep pace at NOK 1.4bln next month - providing little relief for the currency. They write that the revised budget leaves an implication that there will still be a need to convert NOK -> FX this year.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

Homepage markets-real-time Bullet Markets Fixed Income News Foreign Exchange News

Edward Hardy

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

Homepage markets-real-time Bullet Markets Fixed Income News Foreign Exchange News

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