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  • EUR/NOK: Limited downside potential as Norway's December rate hike is priced in - ING
Ekonomické zprávy
02.11.2021

EUR/NOK: Limited downside potential as Norway's December rate hike is priced in - ING

FXStreet reports that economists at ING suggest that Norges Bank will reiterate its intention to hike rates in December this week. Since the krone has already seen the benefits of the hawkish re-pricing, EUR/NOK has limited further downside potential in 4Q.

“We expect a December rate hike and most likely three further increases through 2022.”

“We expect this week’s Norges Bank meeting to generate a quite contained market impact, as we should merely see a confirmation that interest rates will be raised again in December, a prospect that is already very much priced in by markets.”

“We think that more benefits for NOK stemming from the Norges Bank's tightening cycle should come through a carry advantage (which should play out in the longer run) rather than from the central bank surprising on the hawkish side.”

“We see only limited downside room for EUR/NOK in 4Q, and we expect 9.70 as a year-end value.” 

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