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Norway: Wrap-Up and Look Ahead (March 23-27)

Norway: Wrap-Up and Look Ahead (March 23-27)

Kara Dailey, Contributor

Talking Points:

  • Norges Bank held the Key Policy Rate at 1.25% despite downside risks
  • The Norwegian Krone looks to continue its advancement against the USD next week as
  • Employment and Retail Sales data is released

The Norwegian Krone appreciated against the US Dollar in the three consecutive days following the FOMC announcement. Initial advancements made on Wednesday were further supported Thursday, as Norges Bank defied expectations, choosing to hold rather than cut the Key Policy Rate.

With present indicators in line with December’s projections, particularly with regards to unemployment and inflation, the central bank elected to hold interest at 1.25%. The committee did however address the substantial downside risks in their assessment, giving mention to a potential rate cut later this year. Specific risks included global price shocks, namely oil, and the economic outlook of peripheral nations in which the corresponding central banks have further eased policy measures.

Looking forward at the week ahead, the Krone will likely be affected by the following Events:

Release DateRelease TimeEventDateReporting Agency
March 27th09:00 GMTCredit Growth (YoY)FEBStatistics Norway
March 27th09:00 GMTRetail Sales (MoM)FEBStatistics Norway
March 27th09:00 GMTUnemployment RateMARStatistics Norway

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.