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Focus Turns to Norway FX Purchases Update

  • 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 |
MNI London Bureau | +44 203-865-3809 |

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