Norway's inflation surprised the markets to the upside recently, and despite the long held hypothesis that the central bank is willing to  bear a slight inflation shoot-up, it will not desire to fuel the weaker currency and higher inflationary pressures ahead.

"We narrowly favor an unchanged policy decision by the Norges Bank in its Thursday meeting, despite the recent drop in oil prices. Economic developments since the September MPR have been broadly consistent with the bank's projections", says Barclays in a research note. 

The bank, is however, likely to wait until Q1 2016 before delivering a 25bp rate cut in lowe oil prices context. The off-late forecasts  of the central bank incorporate further easing of about 15 bp over the forecast time period.

NOK is currently trading at 8.69 against USD, while it is trading at 9.5380 against EUR.