NOK looks to data, Norges Bank – Danske Bank

Senior Analyst at Danske Bank Piet Christiansen noted the relevance for the Norwegian Krone of upcoming domestic data as well as the Norges Bank meeting.

Key Quotes

“In terms of the NOK, we are heading into two key sessions that will determine whether Norges Bank (NB) will stick to its signal of hiking rates in September next week”.

“While tomorrow’s Regional Network Survey in isolation is a more important release, the uncertainty regarding this morning’s inflation print is yet again much larger, with analyst core inflation estimates ranging from 1.2-1.5% y/y (NB has 1.6%). If we get a consensus print or higher, i.e. 1.4% and above, the balance of risk is skewed towards EUR/NOK testing 9.40, as the Regional Network Survey is likely to be strong”.