-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessServices Drive Downside Surprise in CPI-ATE
Norwegian June CPI surprised to the downside, with CPI-ATE at 3.4% Y/Y (vs 3.6% expected by consensus and the Norges Bank, 4.1% prior).
- NOK has weakened following the release, with EURNOK (currently 0.45% higher) just above the 100/200-day EMA’s at ~11.51, but still well short of the first resistance at 11.5679.
- Despite the downward surprise, we maintain our view that meaningful alterations to Norges Bank rate cut expectations will need to wait for after the July inflation data, due August 9.
- A sharp pullback in services inflation appears to have driven the surprise, with services CPI-ATE inflation at 4.0% Y/Y (vs 4.7% prior) and 0.2% M/M (vs 0.8% prior). Rents moderated, as did the "services excluding rent" measure.
- The recreation and culture component notably fell to 4.0% Y/Y (vs 7.6% prior).
- Domestically-produced consumer goods actually accelerated on an annual basis to 5.0% Y/Y (vs 4.7% prior), though another deceleration in imported goods inflation offset.
- The downward surprise in CPI-ATE comes in spite of food prices rising 1.9% M/M - faster than analysts with above-consensus forecasts had expected.
- Headline CPI was 2.6% (vs 3.0% cons, 3.1% Norges Bank and 3.0% prior), driven by a ~20% Y/Y fall in electricity prices for the second consecutive month.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.