Norges Bank announced its monetary policy decision today at 9:00 am GMT. Norwegian central bank delivered a 25 basis point rate hike, putting the main interest rate at 2.50%. This was unexpected as the market widely believed that Norges Bank will go for a 50 basis point rate hike. Norwegian krone dropped on the news with EURNOK spiking above 200-hour moving average (purple line on the chart below) and reaching a daily high near 10.36.
Norges Bank noted in a statement that some areas of the economy started to cool down and lower-than-expected energy prices ahead may curb inflation. Bank said that a more gradual approach to rate setting may be needed as significant tightening, that was already delivered, is having an impact on the economy. While Bank said that policy rates are likely to be raised further in December, future policy rate path will depend on how economy evolves.
Source: xStation5
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