Norges Bank announced its latest monetary policy decision today at 9:00 am GMT. The Norwegian central bank was expected to keep rates unchanged with a key policy rate staying at 4.25%.
Bank delivered on those expectations and rates were left unchanged for the first time since early-January 2023. Norwegian krone weakened in a knee-jerk move with EURNOK briefly jumping above the upper limit of the short-term trading range. However, those moves were quickly erased and the pair is trading slightly lower compared to pre-announcement levels. Taking a look at EURNOK at H1 interval, we can see that an important technical swing area, marked with 50- and 200-session moving averages is tested at press time.
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source: xStation 5
