Today Norges Bank, the central bank of Norway, raised its key policy rate by 50 basis points (bps) to 3.75% , more than expected by a majority of economists surveyed by Reuters.
Governor Ida Wolden Bache sent a clear message that she wants to fight inflation and another 50 bps increase are expected by the end of the year. Policy rates are at the highest level since the the global financial crisis of 2008.
USD/NOK dropping near last week lows, the 55 day EMA providing a dynamic resistance near 10.7, next relevant support the 200 day SMA , now near 10.36, in case static area support at 10,45 would fail.
