###POV: NOTHING TO SEE HERE, NORGES.....>

NORGES BANK: ###POV: NOTHING TO SEE HERE, NORGES BANK TO POINT TO JUNE

-Analysts are unanimous in seeing no change in policy from the Norges Bank at

May's meeting. This month's decision is 'interim' and will entail just a brief

press release and a one page summary of the board's assessment of economic

developments. With no new rate path, economic projections or monetary policy

report, the bank are likely to continue to point toward the June meeting as

being the next opportune month to hike rates.

-Dovish risk: In the executive summary, a material downgrade in language from

"the outlook for the policy rate for the period ahead is little changed" would

be a signal that the June meeting is far from cemented. This would allow EUR/NOK

to re-target recent cycle highs and eye February's best levels of 9.8807.

-Hawkish risk: The bar is high for a hawkish surprise this month, but a notable

upgrade to the statement Thursday could cement June as the next rate hike month.

More focus is likely to rest on Friday's CPI release, with underlying CPI seen

dropping to 2.5% from 2.7%.