RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NORWAY: Unchanged FX Purchases; Unemployment Rate Ticks Higher

NORWAY

Norges Bank monthly FX purchases remained at an unchanged pace of NOK550mln, while the SA registered unemployment rate rose a tenth to 2.0% after 8 consecutive months at 1.9%.

  • Overall, the labour market is not weakening enough to sway the Norges Bank from its hawkish stance, with inflation and wage data more in focus ahead of the June decision (where rates will almost certainly be left on hold, but an updated rate path projection will be presented).
  • The unemployment rate outcome was in line with the Norges Bank’s March MPR projection. Nonetheless, the gap between the SA registered unemployment rate and the SA LFS rate rose to 2.4pp in April, after the SA LFS measure rose 0.3pp to 4.3%.
  • On FX purchases, MNI’s calculations following the recently revised 2024 budget suggest an average daily pace of around NOK450-500mln for the remainder of this year.
  • NOK saw little reaction to the release (though did move slightly weaker against the EUR and SEK just before 0900BST).
BulletFixed Income BulletsForeign Exchange Bullets
BulletFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

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.