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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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NORGES BANK: Norges Bank unexpectedly trim the policy rate by 25bps. Some
sell-side analysts had seen a small chance of a rate cut, but none surveyed had
a rate cut as their base case forecast today.
Key parts of the release:
- Decision was unanimous.
- Downturn amplified by lower oil prices.
- Uncertainty is unusually high.
- Rates likely to remain at current level for some time.
EUR/NOK immediately kneejerks higher, hitting 11.1946 before pulling slightly
lower. Focus turns to press conference and macro projections due at
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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