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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.
NORWAY
Norway SA retail sales for October rose +0.6% M/M (vs. -0.3% prior). The three economists that formed the bbg consensus had expected a -0.2% M/M print. Today's data provides further evidence that the retail sales index is re-aligning with pre-covid trends, as the process of rebalancing the economy back to services persists and we continue to move away from the pandemic-induced increase in goods consumption.
- In Y/Y terms, the index fell -1.4% Y/Y (vs -2.4% prior), an uptick consistent with the goods consumption data in the Q3 GDP release last week. The 3-month index fell -0.8% in the three months from Aug - Oct 2023 (vs +0.6% May - Jul 2023).
- Also released today was Statistics Norway's Index of Household Consumption of Goods, which rose +2.3% M/M in October (vs +0.3% prior). However, this was heavily influenced by a +21.2% M/M rise in electricity/heating fuels consumption, a function of higher electricity prices in October.
- NOK did not react meaningfully to the release, but remains at the top of the G10 to start the week following a positive session in Asia.
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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