MNI BRIEF: Aussie Unemployment Rises To 4.1% In April

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1020 Thurs; -3.70% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1020 THURS VS 7.1049

MNI BRIEF: Focus Support For Cutting-Edge Tech - Ministry

Australia Apr Unemployment Rate 4.1%

MNI:AUSTRALIA APR UNEMPLOYMENT RATE +4.1%

MNI JAPAN Q1 REAL GDP -0.5% Q/Q; MNI MEDIAN -0.4%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI Norges Bank Preview - May 2024: Little Reason to Pivot

The Norges Bank are unanimously expected to leave the policy rate on hold at 4.50% once again.

Central Bank PreviewHomepageNorges - PreviewCentral Bank ReportsMarkets

The Norges Bank are unanimously expected to leave the policy rate on hold at 4.50% once again.

  • Following the hawkish-leaning March decision, recent developments provide little reason for the Norges Bank to deviate from its current guidance.
  • As such, we expect the statement to continue guiding for rates to be held at current levels for “some time ahead”.
  • Although Governor Wolden Bache noted at the March press conference that September was the most likely meeting for rates to be cut, we don’t expect this to be explicitly included in the policy statement.
  • Analysts are unanimous in expecting no change to the policy rate, and generally expect little change to Norges Bank’s guidance (i.e. rates to stay at current levels for “some time ahead”). Some note the risk of the Norges Bank downplaying guidance for a September cut, or even a more hawkish tilt in the policy statement language. The NOK would strengthen in response to such a move.

For our full preview including a summary of sell-side views, see the PDF here:

Keep reading...Show less
183 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.

The Norges Bank are unanimously expected to leave the policy rate on hold at 4.50% once again.

  • Following the hawkish-leaning March decision, recent developments provide little reason for the Norges Bank to deviate from its current guidance.
  • As such, we expect the statement to continue guiding for rates to be held at current levels for “some time ahead”.
  • Although Governor Wolden Bache noted at the March press conference that September was the most likely meeting for rates to be cut, we don’t expect this to be explicitly included in the policy statement.
  • Analysts are unanimous in expecting no change to the policy rate, and generally expect little change to Norges Bank’s guidance (i.e. rates to stay at current levels for “some time ahead”). Some note the risk of the Norges Bank downplaying guidance for a September cut, or even a more hawkish tilt in the policy statement language. The NOK would strengthen in response to such a move.

For our full preview including a summary of sell-side views, see the PDF here:

Keep reading...Show less