0722 GMT [Dow Jones] Norway's Norges Bank announces its May rate decision (0800GMT) with the sight deposit rate expected to remain at 1.5%. Commerzbank says, after lowering the rate path in December, and then in March bringing forward the timing of the first rate hike to early summer 2015 due to above-forecast inflation, there is little reason for any action this time around. The next Monetary Policy Report is due in June and Commerzbank says that's when the Norges Bank is more likely to adjust its rate path and forecasts, if needed. For EUR/NOK, support at 8.20 has been in place since April and only a much more positive sounding central bank will likely see it be breached says the bank. EUR/NOK now at 8.21gary.stride@wsj.com
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(END) Dow Jones Newswires
May 08, 2014 03:22 ET (07:22 GMT)
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