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Toward Top Of G10 As Norges Remains Cautious

NOK

The NOK sits toward the top of the G10 after the Norges Bank re-iterated that the policy rate will be kept on hold for "some time ahead", with cuts not likely to start till the autumn.

  • We noted earlier that the revisions to the policy path were smaller (and more hawkish) than many analysts expected.
  • However, EURNOK is only 0.2% lower on the day and not far from pre-decision levels, remaining above the 11.5000 handle.
  • NOKSEK is 0.4% higher today, with the 100-day EMA at 0.9883 the first support.

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