- Analytics
- News and Tools
- Market News
- NOK will likely weaken somewhat after Thursday’s CPI data release – Nordea
NOK will likely weaken somewhat after Thursday’s CPI data release – Nordea
Economists at Nordea lean toward a weaker NOK after the CPI data release on Thursday.
Inflation is key
The NOK strengthened markedly at the beginning of July after the last NO CPI release came in hotter than expected while US and Euro Area CPI were a tad softer than expected. We don’t think we will see a repeat this week and we expect a somewhat weaker NOK after Thursday’s CPI data release.
Markets expect US inflation to pick up slightly to 3.3% YoY from 3.0%. More importantly, US core inflation is expected to fall to 4.7% YoY from 4.8%. If expectations are correct, markets could be relieved of a lower core figure and the USD could weaken somewhat.
A lower NOK print than feared and US inflation as expected points to a somewhat weaker NOK over the short-term. We still believe that EUR/NOK will take a turn higher in the months to come and hold our target at 11.50 until year-end.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
