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NOKSEK Lower For 5th Consecutive Day; Bache Speech Eyed Tomorrow

SCANDIS

Norges Bank Governor Bache's speech at 1400GMT/1500CET highlights the Scandi docket tomorrow, as the NOKSEK cross trades lower for a fifth consecutive day.

  • Today's moves in NOKSEK will add pressure to the I-44 index (Norway's import weighted exchange rate), which is up almost 6% (indicating a weaker NOK) since the start of October. While Friday's October CPI remains the key focus for NOK-watchers in the near-term, continued weakness of NOK may complicate the December decision for the Norges Bank should inflation continue to moderate faster than projected in the September forecast round.
  • NOKSEK currently sits at intraday lows, currently 0.3% lower on the day with the previously flagged March 21 low of 0.9725 once again in view. There has been little domestic news to flag today, with SEK likely buoyed by the strong performance of European equities.
  • Tomorrow also sees the Riksbank 2023 H2 Financial Stability Report (at 0830 GMT; 0930 CET), with Governor Thedéen speaking at the press conference at 1000GMT and a separate speech at 1600GMT.
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