External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

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FX & Rates

<ul><li>We expect core inflation to fall to 3.3% y/y from 3.4% in June while Norges Bank has 3.7% pencilled in for July.</li><li>The data will be published on Friday 9 August at 8AM CET.</li><li>The main reason for the decline is a smaller increase in food prices this July compared to last year.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect core inflation to fall to 3.3% y/y from 3.4% in June while Norges Bank has 3.7% pencilled in for July.The data will be published on Friday 9 August at 8AM CET.The main reason for the decline is a smaller increase in food prices this July compared to last year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NO CPI Preview: Lower Inflation but No Rate Cut on the Agenda

<ul><li>The drop in interest rates expectations in Norway is mainly due to increased recession fears in the US after weaker than expected labour market data there.</li><li>The market went into panic mode and now expects the Fed to deliver more than 8 cuts (210bps) over the next year.</li><li>Keeping in mind that it is less than a week since we heard chairman Powell describe the labour market and the economy as in a good place, it certainly looks excessive.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The drop in interest rates expectations in Norway is mainly due to increased recession fears in the US after weaker than expected labour market data there.The market went into panic mode and now expects the Fed to deliver more than 8 cuts (210bps) over the next year.Keeping in mind that it is less than a week since we heard chairman Powell describe the labour market and the economy as in a good place, it certainly looks excessive.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NOK Update: Market Pessimism Overdone for Norway

<ul><li>Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in March.</li><li>This was as expected and we believe that NOK sales will remain broadly the same, as the Government is expected to have a larger (petroleum) income than the budget deficit.</li><li>Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main driving factor of NOK.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in March.This was as expected and we believe that NOK sales will remain broadly the same, as the Government is expected to have a larger (petroleum) income than the budget deficit.Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main driving factor of NOK.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February.</li><li>This was broadly as expected, although we wouldn’t be surprised if the NOK sales were increased a bit today.</li><li>After the large reduction of NOK sales from the new year, Norges Bank NOK sales will likely remain broadly the same throughout 2024 as the Government is expected to have a larger (petroleum) income than the budget deficit.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February.This was broadly as expected, although we wouldn’t be surprised if the NOK sales were increased a bit today.After the large reduction of NOK sales from the new year, Norges Bank NOK sales will likely remain broadly the same throughout 2024 as the Government is expected to have a larger (petroleum) income than the budget deficit.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Norges Bank was the first and is now the last hawk amongst G10 central banks in this hiking cycle.</li><li>With a Fed and ECB pivot in sight, Norges Bank will need to keep rates higher for longer due to higher and more pronounced price pressures in the Norwegian economy than in the US and Europe.</li><li>The central bank needs a stronger NOK to bring the price pressure under control.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Norges Bank was the first and is now the last hawk amongst G10 central banks in this hiking cycle.With a Fed and ECB pivot in sight, Norges Bank will need to keep rates higher for longer due to higher and more pronounced price pressures in the Norwegian economy than in the US and Europe.The central bank needs a stronger NOK to bring the price pressure under control.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NOK Update: Norges Bank Wants the NOK to Fly High

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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NOK (USDNOK CURNCY)

NO CPI Preview: Lower Inflation but No Rate Cut on the Agenda

We expect core inflation to fall to 3.3% y/y from 3.4% in June while Norges Bank has 3.7% pencilled in for July. The data will be published on...

Nordea

NOK Update: Market Pessimism Overdone for Norway

The drop in interest rates expectations in Norway is mainly due to increased recession fears in the US after weaker than expected labour market...

Nordea

NOK Update: Sideways for now

Today’s announcement did not move the NOK which confirms that NOK sales have moved into the background.Lately, interest rates have been the main...

Nordea

NOK Update: Monetary Policy Is Key

Norges Bank just announced that they will keep the daily NOK sales unchanged at 350 million per day in February. This was broadly as expected,...

Nordea

NOK Update: Norges Bank Wants the NOK to Fly High

We also expect NOK sales on behalf of the Government to be halved next year, starting from January. This should also support the NOK ahead.

Nordea

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