NOK flows: NOK marginally higher after Norges Bank leaves rates unchanged

Norges Bank has left rates unchanged as expected, and indicated that they still expect to cut rates again this year, with their outlook still in line with the assessment they presented in June, which suggested one more 25bp cut by year end. The market is currently pricing some more dovish risks to this view, with 43bps of easing priced by year end. The NOK is marginally higher after the Norges Bank decision, perhaps reflecting the lack of any more dovish twist to the statement. EUR/NOK near 12 remains a good long term selling area.