NOK likely to be weaker than expected

In the board's general assessment Norges Bank will probably mention that both registered and especially LFS unemployment has increased rather strongly the last month. It is however difficult to state that registered unemployment, their favourite measure, is any higher than forecasted. 

The consumption figures have also been weaker with consumption of goods on average down 0.7% m/m the last two months. That expectations of rates abroad have fallen also argues for a more careful stance.

"This downside risk to rates should be balanced by the fact that NOK is significantly weaker than forecasted. That the 2016 fiscal budget is more expansionary will also be mentioned", says Nordea Bank.