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

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

Kara Dailey,

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 Date

Release Time

Event

Date

Reporting Agency

March 27th

09:00 GMT

Credit Growth (YoY)

FEB

Statistics Norway

March 27th

09:00 GMT

Retail Sales (MoM)

FEB

Statistics Norway

March 27th

09:00 GMT

Unemployment Rate

MAR

Statistics Norway

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