Norway’s seasonally adjusted registered unemployment rate stayed at 2.0% in October, below Norges Bank’s forecast, while FXStreet reported Danske Bank expects no change at the Nov. 5 meeting, a decision relevant to the krone.
The Norwegian Labour and Welfare Administration (NAV) recorded 61,854 people as fully unemployed in October, up from 61,484 in September, while the rate remained unchanged. A broader measure that includes jobseekers in labor-market programs was 2.6%, or 79,879 people. Norges Bank’s September Monetary Policy Report had projected a 2.1% registered unemployment rate for October.
Norges Bank raised its policy rate to 4.50% from 4.25% on Sept. 23. The bank has not announced its Nov. 5 decision. In September, Governor Ida Wolden Bache said the committee could raise rates again if needed to return inflation to its 2% target within a reasonable period.
FXStreet reported that Danske Bank Markets expects the rate to remain at 4.50% at the upcoming meeting. The same analysis linked recent krone strength to higher market pricing of energy-related risks and restricted gas availability in Europe.
The European Union Agency for the Cooperation of Energy Regulators (ACER) reported that EU gas storage was at 75% of capacity on Oct. 21, while spot hub prices were close to €90 per megawatt-hour in mid-October. ACER pointed to low inventories after winter 2025-2026, slower refilling and disrupted liquefied natural gas flows linked to the Middle East conflict. EconoTimes previously covered Norway’s gas output and Europe’s winter supply outlook.
Norges Bank’s November schedule calls for daily foreign-currency purchases on the government’s behalf equivalent to NOK 300 million. It also plans daily foreign-currency sales equivalent to NOK 124 million for dividend and interest transfers, resulting in net foreign-currency purchases equivalent to NOK 176 million a day. The transactions channel petroleum revenue into kroner for budget expenses and foreign currency saved in the Government Pension Fund Global.
Norges Bank is scheduled to announce its next rate decision Thursday, Nov. 5, at 4 a.m. ET (09:00 UTC).
