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NOK tailwinds trim rate cut probability - Danske

FXStreet (Barcelona) - Kasper Kierkegaard, Chief Analyst at Danske Bank comments on the NOK gaining tailwinds yesterday following the higher than expected Norwegian core CPI figures, which reduces the probability of a rate cut in December.

Key Quotes

“In our view, the overall picture of Norwegian economy does not justify the current market expectations and while the NOK in the short term is vulnerable to oil price volatility and growth outperformance relative to the euro zone, higher interest rates and stabilising oil prices are expected to support the NOK in the medium term.”

“Today, Swedish inflation data and the minutes from the latest Riksbank meeting will be directional for the SEK. Especially the Riksbank minutes have the potential to move the SEK if the discussion on the use of unconventional monetary policies includes potential FX measures.”

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