Piet P. H. Christiansen, senior analyst at Danske Bank, suggests that the focus in FX markets turns to Norges Bank and the ECB today and on the former, if they are right in their call, this should not lead to a significant immediate repricing of a March hike (currently priced at only c.14-15bp).

Key Quotes

“It should confirm that relative rates will increasingly become a NOK-supportive factor as we approach the meeting as long as the global risk environment holds up. For today’s session, we should expect NOK appreciation to be more limited.”

“On the ECB front, we do not expect Draghi to move EUR much, but, if anything, we believe risks are tilted to the downside given our expectations of downward risks to the growth assessment.”

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