TD Securities analysts point out that the Norges Bank followed up its March rate hike with a pause today.

“The Governor fine-tuned his guidance of future hikes, bucking the dovish trend of his G10 counterparts in saying that a June hike was now likely, meaning two hikes for the Norges Bank in the space of three months. We therefore adjust our forecast from a September hike to June, with no implication for the timing of future hikes. The clear signal for a June hike helps draw a line under recent NOK weakness. Larger concerns are likely to dominate, however, as investor attention remains focused on global trade and geopolitical tensions. Despite this, we think EURNOK may have peaked for this cycle and look for the cross to resume its grinding move lower.”