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NOK on Top as Norges Bank Drop Emergency Policy Stance

FOREX
  • The Norges Bank raised rates by 25bps to 0.25%, exiting their emergency pandemic policy stance. While the rate hike was expected, the bank also name-checked December as the next likely month to see a raise in rates, and also steepened the longer-end of the rate path projections - boosting the terminal rate to 1.68% from 1.56%.
  • This worked in favour of NOK, pressuring EUR/NOK to new monthly lows and narrowing the gap with the bear trigger at the late April lows of 9.8998.
  • Equities again trade firmer - following the lead of a solid Asia-Pacific session. Equity strength is working against haven currencies, pressing JPY to the bottom of the G10 pile. The greenback also trades weaker, despite the USD Index briefly showing above the Wednesday high in early trade.
  • The Bank of England rate decision is up next, as well as rate decisions from the Turkish and South African central banks. Weekly US jobless claims and Canada's retail sales release for July are also due.
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