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- EUR/NOK: Krone to rally on a Norges Bank hike – ING
EUR/NOK: Krone to rally on a Norges Bank hike – ING
EUR/NOK has moved back below 10.20. Economists at ING expect the pair to test the 10.00 level as the Norges Bank is set to hike rates today.
One hike today, three more in 2022
“We think Norges Bank will deliver a hawkish surprise today, by delivering a 25bp hike and keeping its rate projections unchanged – so still signalling three more hikes in 2022.”
“We think the market is currently underpricing the Norges Bank’s 2022 tightening cycle by approximately 25bp, and we therefore see considerable upside room for the krone, which is also receiving some tailwind from booming natural gas prices.”
“We expect a significant fall in EUR/NOK today, possibly to the 10.00 level.”
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