Norges Bank will remain on hold, with little influence on the krone, according to ING.

As per the ING economists' reports, today the Norges Bank is going to announce the monetary policy. Therefore, the Norges bank should adhere to its plans, and the impact on

May 05, 2022 - 02:53 PM 258 views

Norges Bank will remain on hold, with little influence on the krone, according to ING.

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© Norges Bank will remain on hold, with little influence on the krone, according to ING.

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As per the ING economists' reports, today the Norges Bank is going to announce the monetary policy. Therefore, the Norges bank should adhere to its plans, and the impact on the Norwegian krone currency must be kept to a minimum.

      By the end of the year, EUR/NOK is expected to reach 9.40–9.50.

      According to consensus, the deposit rate is expected to remain unchanged. Therefore, we are hoping to expect a short statement which announces that the interest rates will probably increase at the June meeting.

        Hence, we believe any changes to the policy message will be postponed until June. The impact on the krone should be limited, if not somewhat negative, as some hawkish assumptions are shattered. "

         The recent global market sentiment and from its high beta stocks; the NOK currency has suffered so much in the long term perspective. Hence it has to recover and still continue to rebound with a highly supportive commodity advantage and with interest rate advantages. By the end of the year, we hope to see a gradual depreciation in the EUR/NOK currency pair and reach the target to 9.40-9.50 points.

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