Markets By TradingView
6817
0

EUR/NOK: Norges Bank keeps rates at 0%, still downside potential to 10.40– Danske Bank

EUR/NOK: Norges Bank keeps rates at 0%, still downside potential to 10.40– Danske Bank Norges Bank (NB) kept rates unchanged at 0.00% and kept its neutral

EUR/NOK: Norges Bank keeps rates at 0%, still downside potential to 10.40– Danske Bank
Yazar: Zack Smith

Yayınlanma: 20 Ağustos 2020 22:09

Güncellenme: 7 Kasım 2024 08:31

EUR/NOK: Norges Bank keeps rates at 0%, still downside potential to 10.40– Danske Bank

20 August 2020, 16:34
Norges Bank (NB) kept rates unchanged at 0.00% and kept its neutral bias at today’s meeting. The next meeting is scheduled for 24 September. Economists at Danske Bank believe NB will be more upbeat at its September meeting, where they see a good chance of a new upward revision to the rate path. The analysts still see upside for the 5y segment of the curve and keep our positive NOK view.

Key quotes

“NB kept rates unchanged at 0.00% and kept the neutral bias (unchanged rates ‘in the coming period’). This was a ‘small meeting’, i.e. only a press statement. NB, as we expected, recognised that both private consumption and the housing market had developed better than expected and that inflation had been higher. On the other side, NB stressed that the ‘Committee gave weight to the considerable uncertainty surrounding further economic recovery’. Overall, NB concluded that ‘New information largely confirms the picture of the economic developments presented in the June Report’. So, no new signals today.” “EUR/NOK was spiking a tad post the NB policy statement, which overall provided no new signals. No game changer for NOK in itself, and near-term we think NOK is set to be subject to global reflation/recovery/risk gyrations. In this respect, the Fed message yesterday might have put reflation hopes on hold somewhat, which in itself acts as a NOK headwind.” “The absence of new NB signals today leaves EUR/NOK downside risk limited near-term after the strong run in NOK rates and FX lately. Thus, neither the June low (10.4307) nor July low (10.4642) is about to be taken out, in our view. For the longer-term, risks in EUR/NOK still appear tilted to the downside, as we believe pricing of rate hikes still has potential to be brought forward. We maintain our call that EUR/NOK has more downside risk near-term, targeting 10.40 in one-to-three months.”  
S3 S2 S1 R1 R2 R3
10.4864 10.5051 10.5329 10.5795 10.5982 10.6261
Trend Index OB/OS Index
Bearish Neutral
You might also be interested in:

NZD/USD Price Analysis: Bears might target descending channel support, around 0.6500 mark

En Popüler Haberler

Yorum Yap

Yazılan yorumlar hiçbir şekilde Son Ekonomi Haberleri - Türkiye Dünya - ieconomy.io görüş ve düşüncelerini yansıtmamaktadır. Yorumlar, yazan kişiyi bağlayıcı niteliktedir.

Yorumlar

Henüz yorum yapan yok! İlk yorumu siz yapın...

Borsa, Kripto, Hisse, Emtia ve Döviz Haberleri

ieconomy: Türkiye'nin en kapsamlı ekonomi haber sitesi. Son dakika haberleri ve en güncel haberler ieconomy'da.