020 7898 0500- On Monday the Norwegian Krona strengthened significantly as inflation was reported to be much higher than expected, helping the Norwegian currency gain almost one percent against a majority of currencies. Core inflation rose 2.6% in July, which was a huge surprise as the forecast was 2% from 2.4% in June. With the Norwegian central bank’s target inflation at 2.5% this has boosted confidence that the likelihood of an interest rate cut later this year is low. The next important data for the krona will be Friday, when we will see trade balance data.
- Tomorrow we see Japanese industrial output data. Looking further ahead, the main news for Japan will be in the early hours of Wednesday, when growth figures are released.
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