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NB Cut Postponed To June; EUR/NOK To Fall Medium-Term

By Danske MarketsMarket OverviewMar 20, 2015 01:02AM ET
www.investing.com/analysis/nb-cut-postponed-to-june---eur-nok-to-fall-medium-term-245654
NB Cut Postponed To June; EUR/NOK To Fall Medium-Term
By Danske Markets   |  Mar 20, 2015 01:02AM ET
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Norges Bank surprised markets significantly by not cutting rates today. Norges Bank did lower the rate path indicating a single rate cut (in June). We expect a single 25bp rate cut in June but that NB will leave rates unchanged thereafter.

Markets are pricing in two full 25bp rate cuts: one in June 2015 and another in December 2015. We consequently expect a long-run re-pricing of Norges Bank to play out.

FX: In the short-term we expect the downside risk to the oil price to limit the upside potential in the NOK. Our fundamental bullish view of the NOK, however, is unchanged. We lower our 1M target to 8.65 (previously 8.75) but maintain our 3M, 6M and 12M forecasts of 8.50, 8.25 and 8.15, respectively.

Fixed Income: We still see value in being long 10-Year NGB versus Bunds - especially as we are getting close to the lower bound in Bunds.

To Read the Entire Report Please Click on the pdf File Below

NB Cut Postponed To June; EUR/NOK To Fall Medium-Term
 

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NB Cut Postponed To June; EUR/NOK To Fall Medium-Term

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