Norway's crown still too weak for the Norges Bank
Oct 10 (Reuters) -The latest inflation data out of Norway could trigger a downward revision to analyst rate path expectations but the crown remains too weak and taken in isolation could prevent the Norges Bank from adjusting its policy outlook.
September core inflation fell to 3.1% year-on-year from 3.2% in August and compares favourably with the central bank's 3.3% estimate.
Norway's crown continues to struggle and is weaker than the Norges Bank had expected. EUR/NOK is currently trading 24% above its April 2022 9.4355 low point despite pulling away from August's 12.1330 high.
Higher oil prices and a more stimulative Norway fiscal budget will further temper any dovish bias following the softer core inflation numbers.
The Norges Bank rate path is unlikely to be changed, with the bank's September view likely to be repeated at the next policy meeting.
For more click on FXBUZ
EUR/NOK daily Ichimoku chart: https://tmsnrt.rs/4h0RBId
Norway Core CPI Monthly Chart: https://tmsnrt.rs/4gWsDtH
(Peter Stoneham is a Reuters market analyst. The views expressed are his own)
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