NOK: Norges Bank seen hiking and guiding higher – Danske Bank - FXStreet
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NOK: Norges Bank seen hiking and guiding higher – Danske Bank FXStreet
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Prospect of August hike in Norway can help the krone
The desk believes that the Norwegian krone (NOK) is poised for appreciation ahead of the Norges Bank's anticipated 25 basis point hike in August, driven by persistent inflation concerns. Per the full note from ING, the central bank's hawkish tone following its recent policy meeting suggests a proactive approach to combating inflation, with projections indicating a rate of 4.32% by Q3 2023 and 4.55% by Q4 2023. This hike aligns with a broader trend among global central banks, where front-loading rate increases is becoming the norm. Currently, NOK is expected to gain particularly against high-beta currencies, although external factors will continue to play a significant role throughout the summer market.
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