Yesterday’s inflation fact in Norway surprised slightly upward, which, together with the rebound in natural gas prices, has kept the Nok in purchase in the first parts of this week, FX analysts of Danske Bank report.
Monday’s inflation data does not seem to be a game change
“While the situation of the price of natural gas deserves monitoring – a development that we do not consider unidiminaryly positive for the Nok – we emphasize that the details of the inflation revealed that it was the imported inflation that created the surprise on the rise, while the domestic inflation It actually moved down. ”
“With the latter being the clearly most important engine of the medium -term inflation perspective of the Bank of Norway, we do not see yesterday’s inflation data as a game change for our forecast of 4 norwegian rate cuts this year starting in March in March .
Source: Fx Street
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