NOK recovery should be slow and characterized by setbacks time and again – Commerzbank

Norges Bank stands pat. Economists at Commerzbank expect only a moderate appreciation of the NOK.

End of the hiking cycle in sight?

“Norges Bank left the key interest rate unchanged at 2.75% in January but continues to signal a further step in March. However, the end of the interest rate cycle is slowly coming into sight.”

“The NOK should appreciate thanks to sustained high energy prices. But as Norges Bank is slowly coming to the end of its interest rate cycle, the NOK recovery should be slow and will be characterized by setbacks time and again.”