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(M2) Trend Condition Remains Bearish


Firmer Overnight


Bears Remain In Control

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FOREX: Norges Bank throw a curve ball with a further 25bps cut
- While expectations were solidly for an unchanged rate decision from the Norges
Bank, Olsen and the board unanimously voted to cut rates by 25bps to 0.0% while
sharply revising lower their rate path projections - seeing no change in the
policy rate out to the end of 2023. The immediate market response was to weaken
the NOK, but the pullback may have been minimized by the Bank's insistence that
it will remain an active participant in FX markets, limiting any disorderly NOK
- The Bank of England kept policy unchanged, which ran slightly against
expectations of an uptick in QE purchases to meet the growing UK debt issuance,
but it's likely this decision has been deferred rather than ruled out. GBP/USD
inched higher initially, but GBP/USD remains well below yesterday's high.
- Key releases due later today include Challenger job cuts numbers (which hit
series highs last month) and the weekly US jobless claims. A number of Fed
speakers are due, with Bostic, Kashkari and Harker on the docket. ECB's Lagarde
also takes part in a webinar.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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