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NOKSEK Hovers At Clustered Resistance Post Norges Bank

NOK

NOK has strengthened in the wake of the Norges Bank decision, with the policy path having been revised higher than expected (in late-2024 and 2025), and Governor Wolden Bache guiding that policy rates will likely be held steady until the end of this year.

  • A large contingent of analysts look for the first Norges Bank cut in September, but this seems unlikely now barring some notable data surprises.
  • NOKSEK is 0.4% higher today at 0.9924 at typing, hovering around clustered resistance at the 50/100-day EMAs (~0.9920).
  • EURNOK has breached the 76.4% retracement of the Dec '23 to May '24 rally, currently, 0.5% lower today.
  • We will look into the details of the rate path revisions shortly.

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