The Norges Bank intends to follow this week’s 50bp interest rate hike with a 25bp rate rise in August, but the combination of strong global inflation pressures, an incredibly tight labour market in Norway, and weak krone, could yet tip the balance towards another 50bp hike. It will be the Riksbank’s turn in the limelight next Thursday, and we expect it to join the Norges Bank, the SNB, and a host of other advanced central banks in the “50bp club”. Meanwhile, following the weakness of the euro-zone PMIs in June, the release of similar business surveys from Switzerland and the Nordics are also likely to make for worrying reading.
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