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NOK Firms as Norges Bank Bring Forward First Hike

FOREX
  • The greenback remains lower relative to pre-Fed levels yesterday, which was read as dovish, but is clawing back some of the losses against the EUR , CNH and AUD. The move is mirroring the softer equity market this morning, with the e-mini S&P retreating off overnight highs of 3988.75.
  • The NOK trades stronger following the release of their Q1 Monetary Policy Report. The Bank signalled that the first post-COVID rate hike would be brought forward by around a quarter to December 2021. Two further full rate hikes are now priced into 2022 and the terminal rate nudged higher toward 1.5%. This steepening of rate path projections underpinned NOK strength this morning, pressuring USD/NOK back toward the 2021 lows of 8.3151.
  • SEK, EUR are among the worst performers so far Thursday, with AUD, CAD the strongest.
  • Focus turns to rate decisions from the Bank of England and Turkish central bank later today. US weekly jobless claims are also due.
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