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      Norges bank cuts rate by 25bps - TDS

      FXStreet (Delhi) – Research Team at TDS, notes that as per their forecast, the Norges Bank has cut their key policy rate today by 25bps to 0.75%. Market consensus was for no cut.

      Key Quotes

      “The accompanying release signalled that rates will need to remain lower for longer, and that further cuts may be necessary, with a 65% chance of another cut shown in 2016.”

      “In fact, we’d view this as a subtle launch of forward guidance, with rates projected to be over 50bps lower than their June forecast by 2017, with no thought of hiking until end-2018.”

      “Norges Bank was sanguine on recent inflation pressures, seeing them as a transitory cost that is necessary in order to smooth the economy’s adjustment to lower oil prices.”

      ECB: Demand cooled in TLTRO auction – BBH

      Research Team at BBH, note that demand cooled off considerably when today the ECB launched its fifth tranche of TLTRO.
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      GBP/JPY offered for the third consecutive session

      The weak tone around GBP and the rise in safe haven bids on the JPY pushed the GBP/JPY lower for the third consecutive session on Thursday.
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