EUR/NOK: Inflation surprise challenges rate-cut hopes – Societe Generale

FXStreet Insights Team FXStreet

Societe Generale analysts note that stronger‑than‑expected Norwegian inflation is supporting the Norwegian Krone and questioning expectations for further Norges Bank easing. EUR/NOK is trading near key supports at 11.3610 and 11.2614, while front‑end yields have jumped sharply as CPI and core inflation both overshoot forecasts, reinforcing the central bank’s view that inflation remains too high.

Norwegian data bolster Krone and yields

"The NOK also marches on after the upside surprise for inflation raises new questions over the likelihood of another rate cut."

"For EUR/NOK, last week's low rests at 11.3610, the pre-Liberation day low is 11.2614."

"CPI accelerated to 3.6% yoy in January from 3.2% in December, the consensus was 3.0%."

"Core climbed to 3.4% from 3.1%."

"Inflation was judged too high in the January statement of the central bank."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD clings to daily gains near 1.3550

GBP/USD adds to Friday’s advance, briefly hitting three-month tops near 1.3570 before edging lower on Monday. Fading expectations of a Fed rate hike in September weigh on the Greenback, helping Cable to keep its bullish momentum ahead of the release of the UK jobs report on Tuesday.

EUR/USD: Gains appear capped by 1.1600

EUR/USD consolidates its daily gains well north of the 1.1500 hurdle following the closing bell on Wall Street on Monday. The pair’s multi-day bounce comes on the back of renewed selling pressure on the US Dollar investors continue to trim bets of Fed rate hikes. Moving forward, Germany’s ZEW prints are due on Tuesday alongside a slew of US hard data.

Gold bulls take a breather before the next push higher

Gold is retreating after hitting three-day highs just below $4,450 early Tuesday, and is flirting with $4,400 as of writing. Gold bulls take a breather following two consecutive days of gains, assessing the impact of the truce lapse between the United States (US) and Iran on Oil prices and US Treasury bond yields.

US Treasury seeks public comments on proposed rules implementation under GENIUS Act

The US Department of the Treasury is seeking public opinion on its proposed framework for implementing key provisions of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which establishes a regulatory framework for stablecoins.

Silver’s new era: Supply deficits meet exploding industrial demand

Silver has experienced a wild ride in 2026, but The Silver Institute President and CEO Michael DiRienzo says investors shouldn’t let the volatility obscure a much bigger story: the underlying silver market remains remarkably strong.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.