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NOK strengthens but dovish Norges Bank shouldn’t be ruled out - UBS

FXStreet (Córdoba) - The UBS analyst team noted that even though NOK strengthened on the back of Norges Bank decision to leave interest rate unchanged this week, dovishness in coming months shouldn't be ruled out.

Key Quotes

“The Norges Bank announced on Thursday to keep their key policy rate unchanged at 1.5%. According to Governor Oeystein Olsen, they did not discuss a rate cut”.

“Given recent concerns after the drop in oil prices, markets reacted with relief and EUR/NOK fell toward 8.30. However, we would not rule out a more dovish Norges Bank in coming months”.

“Regarding NOK/SEK, we now expect the focus to shift towards the SEK, which may come under pressure from the risk of another Riksbank rate cut this year”.

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