Norges Bank announced its latest monetary policy decision at 9:00 am BST today. As was expected, Norges Bank defied the emerging global trend of larger rate hikes and stuck to a 50 basis point rate move. Main, deposit rate jumped from 1.75 to 2.25%. There was some chatter that Norges Bank may decide for a bigger-than-that hike following Riksbank's 100 bp move earlier this week. Nevertheless, Norges Bank warned that rates will be most likely raised further in November.
CPI forecast for 2022 was boosted from 3.2 to 3.7%. CPI forecast for 2023 was revised higher from 3.3 to 4.8%. GDP forecast for 2022 was lowered from 3.5 to 2.8% while GDP forecast for 2023 was lowered from 1.1% to -0.1%. However, Norges Bank noted that uncertainty surrounding new forecasts is much higher than it was the case earlier.
NOK weakened in the aftermath of Norges Bank announcement. However, scale of the move is not major. Taking a look at EURNOK at H1 interval, we can see that the pair extended ongoing recovery move and is now testing 50-hour moving average (green line).
Source: xStation5
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