At its last meeting, Norges Bank had signalled a further rate step for September. It is likely to stick to that despite the inflation surprise. It is even imaginable that it will want to keep the door open for a further tightening step, as Norges Bank underestimated inflation momentum at the start of the year, which it would certainly like to avoid this time.

Despite the positive surprise with the inflation data, Norges Bank is likely to remain hawkish for now, which is likely to support Krone. The market seems to take a similar view as the krone reacted only cautiously negatively to the data surprise on Monday.