The Bullish Signal For Crypto Market Health

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The post Norwegian Krone hobbles ahead of uncertain Norges Bank decision appeared on BitcoinEthereumNews.com. The Norwegian Krone (NOK) remains in the spotlight ahead of the decisive Norges Bank interest rate decision scheduled for Thursday at 08:00 GMT. The EUR/NOK pair is trading around 11.60, up 0.3% on the day, after hitting 11.54 last week, its lowest level in three months. While the consensus is still for a 25 basis points rate cut to 4.00%, uncertainty remains high, fuelled by persistent core inflation at 3.1% and a solid economic outlook. This meeting, accompanied by the publication of the monetary policy report, could provoke a strong market reaction, as Norges Bank is renowned for its surprise decisions. A monetary dilemma for Norway Norway’s macroeconomic signals are confusing. On the one hand, inflation remains well above the central bank’s 2% target, with a technical adjustment that puts core inflation even closer to 3.5% than officially announced. “Altogether, today’s [inflation] figures were stronger than expected… This raises questions about whether Norges Bank will deliver a cut next week”, wrote Handelsbanken in a note relayed by Reuters, following the publication of Norway’s inflation data last week. The strength of the economy reinforces these doubts. Second-quarter Gross Domestic Product (GDP) grew by 0.6% against expectations of 0.3%, while the latest survey by Norges Bank’s regional network confirmed a stable growth outlook. “The central bank is not facing a continental economy in urgent need of easing,” observes Emil Lundh of MNI Markets, who favors a status quo by the central bank. However, other institutions still consider easing likely. ING believes that “despite sticky inflation and a solid outlook, we are still leaning towards a cut to 4.0%”, stresses FX strategist Francesco Pesole. TD Securities even speaks of a “hawkish cut”, underlining the likelihood of the decision being accompanied by a restrictive outlook to limit the impact on the NOK. The Oil…