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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NORWAY
Norwegian April inflation is due tomorrow morning, with analysts expecting further disinflation in core and headline measures, and to a greater extent than Norges Bank’s March MPR projections.
- Current Bloomberg consensus sees CPI-ATE at 4.2% Y/Y (vs 4.5% prior).
- If realised, this would see the forecast error of the Norges Bank’s March MPR projection rise to 0.3pp (Norges Bank forecasted a CPI-ATE read of 4.7% in March and 4.5% in April).
- The April inflation reading will need to be viewed alongside the May inflation figure to determine the impact on the Norges Bank, though a downside surprise similar to that seen in March may call into question the hawkish tilt seen at the May meeting.
- Tomorrow will also see Norwegian participants return from today’s Bank Holiday, which may mean NOK crosses exhibit heightened sensitivity to the print as liquidity rebounds from today’s low levels.
- A clear break of parity remains the key upside level in NOKSEK, while the 200-day EMA 0.9947 represents an important level on the downside.
- See below for a selection of analyst views:
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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