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Rising house prices not enough for NOK - UBS

FXStreet (Córdoba) - Despite strong housing data, the UBS analyst team does not expèct more NOK strength in coming months as the overall Norwegian economic momentum remains sluggish.

Key Quotes

“Norwegian house prices rose 3.6% year-over-year in September, stronger than the Norges Bank's forecast of 3.1%. As such, the recovery trend in house prices, which started in Q1 this year, continues”.

“In isolation, this would turn the Norges Bank marginally more hawkish. However, as long as the overall Norwegian economic momentum remains sluggish for their standards, we do not expect a change in course and thus do not expect more NOK strength in coming months”.

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