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RBC analysts recommend a short GBP/NOK..........>

NOK
NOK: RBC analysts recommend a short GBP/NOK position, writing: "We remain in our
short GBP/NOK position for the week into today's Norges Bank decision and UK
local elections. Even if Norges Bank attempts to incorporate the risk that its
inflation target is revised back up, changes to the forward guidance are likely
to be small and have rates higher for most of the profile. Unlike the Riksbank,
Norges Bank will continue to make the case for normalisation in the relatively
near-term."

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