Norges Bank is probably more likely to remain on hold in September - TDS

Research Team at TDS, suggests that the key data release today will be the Norway’s Q3 oil investment survey and we don’t have any reason to look for any big changes to the 2016 or 2017 estimates (NOK165.9bn and NOK153.2bn, respectively).

Key Quotes

“But our Norges Bank call for September is currently under review, after the big upside surprise to July inflation and generally upbeat economic data have reduced the odds of a rate cut from the Norges Bank. So unless we see a substantial disappointment in 2017 investment (worse than the -5% Y/Y decline that the Norges Bank is already looking for), then the Norges Bank is probably more likely to remain on hold in September, given the substantial uptick in recent inflation trends."