EUR/NOK could trade close to 10.60-10.65 again, NB set to deliver last hike – ING

Market news

19 January 2023

EUR/NOK could trade close to 10.60-10.65 again, NB set to deliver last hike – ING

Norges Bank announces monetary policy this morning. Economists at ING expect a 25 bps hike by NB and see upside risks for NOK.

Norges Bank may deliver last hike today

“The latest projections saw the Bank signal a 3.00% peak rate (now at 2.75%) in early 2023, and a combination of resilient underlying inflation, growth and employment suggests – in our view – this should be the right time to deliver the last hike of the cycle.”

“In line with our call, we see upside risks for NOK today. EUR/NOK could trade close to 10.60-10.65 again today, but idiosyncratic EUR strength suggests most NOK gains may be channelled against the Dollar.”

See – Norges Bank Preview: Forecasts from three major banks, will this hike be the last?

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