#EURNOK @ 11.78590 : The revival of consumer confidence could eventually help Krone to recover – SocGen
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The NOK is the worst-performing G10 currency this year. But Norway falling inflation expectations can help the Krone, economists at Société Générale report.
“In the medium term, we observe that the EUR/NOK direction tends to follow relative consumer confidence between the Euro-area and Norway. In the current economic context, this indicator is linked to inflation pessimism, and the recent positive inflection in Norway could signal the end of FX losses. In a survey published this week, households in Norway now expect inflation at 4% in one year, from 6% one quarter ago.”
“Falling inflation expectations could allow Norges Bank to hike further, and importantly, the revival of consumer confidence could eventually help NOK to recover.”
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