Focus turns to Scandinavia. Financial experts at ING examine SEK/NOK outlook after Norway launched inflation information. In Sweden, the December Consumer Rate Index (CPI) will be released next week.
Norwegian underlying inflation decreases even more
Norway launched CPI figures for December, revealing heading inflation stayed the same at 4.8% while underlying inflation decreased from 5.8% to 5.5%. We anticipate more development on disinflation and a degeneration in worldwide conditions to result in rate cuts by Norges Bank as early as 2Q, broadly in line with market expectations.
In Sweden, December CPI numbers are launched next week: anticipate some action in the Krona.
We presently see some space for a rebound in SEK/NOK before the set gets in a structural sag that we see lasting till late this year.
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