- EUR/NOK: Brief spikes above 12.00 are a tangible risk – ING
Market news
10 November 2023
EUR/NOK: Brief spikes above 12.00 are a tangible risk – ING
In Norway, CPI figures for the month of October have just been released. Economists at ING analyze EUR/NOK outlook ahead of the 14 December Norges Bank meeting.
Inflation surprised to the upside
Headline inflation accelerated from 3.3% to 4.0%, more than the market expected. Underlying inflation also increased from 5.7% to 6.0%. In addition to sticky inflation, the recent weakness in NOK has been a rather hawkish signal ahead of the 14 December Norges Bank meeting.
Brief spikes above 12.00 in EUR/NOK are a tangible risk before the NB meeting, also considering the recent acceleration in NB’s daily FX purchases.
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