SEK/NOK: Some room for a rebound before entering a structural downtrend till gradual this 365 days – ING

Focal point turns to Scandinavia. Economists at ING analyze SEK/NOK outlook after Norway released inflation files. In Sweden, the December User Tag Index (CPI) will seemingly be published next week.

Norwegian underlying inflation declines additional

Norway released CPI figures for December, showing headline inflation remained unchanged at 4.8% while underlying inflation declined from 5.8% to 5.5%. We quiz additional development on disinflation and a deterioration in global situations to steer to payment cuts by Norges Financial institution as early as 2Q, broadly in accordance to market expectations.

In Sweden, December CPI numbers are released next week: quiz some circulation in the Krona.

We currently glimpse some room for a rebound in SEK/NOK before the pair enters a structural downtrend that we glimpse lasting till gradual this 365 days.

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