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Remains Among Weakest in G10 Despite Equity/Yield Reversal

NOK

The NOK has moved away from weakest levels intraday but remains broadly weaker vs the G10. EUR/NOK briefly traded at its highest level since mid-December and above the Feb 5 high of 11.5004, before moving below the 11.5000 in recent trade.

  • The NOK will once again be a key focus ahead of the Norges Bank's next monetary policy meeting on March 21 (which features an updated monetary policy report and rate path).
  • The breakdown of the December policy path indicated that the weak NOK was the primary reason for raising the policy rate to 4.50%.
  • The latest reversal of equities and yields following the US data releases has been more beneficial to the SEK, even as Swedish Q4 GDP was revised lower vs the flash estimate earlier.
  • That leaves NOKSEK -0.1% lower, with 0.9714 the next objective on the downside (61.8% retracement of the Dec 13 - Jan 29 rally).
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