NOK now looks to Norges Bank – Danske Bank

Arne Rasmussen, Head of FI Research at Danske Bank, said that NOK should closely follow today’s Norges Bank’s survey.

Key Quotes

“In Norway, the Norges Bank's regional network survey is due out today at 10:00 CET. We expect the aggregate output index in the survey to edge down to 0.7 in November as the PMI and the business tendency survey have recently shown weakness”.

“We think that if the regional survey disappoints, Norges Bank may well re-implement an explicit easing bias in its upcoming statements”.

“This, together with probably downward pressure on oil prices after the strong rally over the past week and negative year-end seasonality for NOK, may send the EUR/NOK higher over the coming weeks”.