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- Norges Bank to stay on hold, limited impact on the krone – ING
Norges Bank to stay on hold, limited impact on the krone – ING
Norges Bank will announce monetary policy today. Norges Bank should stick to its plans, therefore, the impact on the Norwegian krone should be contained, economists at ING report.
EUR/NOK to head towards 9.40-9.50 by year-end
“Consensus expectations are for no changes in the deposit rate. We expect a short statement announcing that rates will likely be raised again at the June meeting. We are inclined to think it will delay any adjustments in the policy message till June. The impact on the krone should be contained and if anything could be slightly negative as some hawkish expectations are defied.”
“From a longer-term perspective, NOK seems to have suffered too much from its high beta to global risk sentiment recently and still has to reconnect with a highly supportive commodity environment and rate advantage. We continue to expect a gradual depreciation in EUR/NOK and target 9.40-9.50 by year-end.”
See – Norges Bank Preview: Forecasts from seven major banks, on hold this time, another rate hike in June
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