Norges Bank did not announce any surprises yesterday, Commerzbank's FX analyst Michael Pfister notes.

NOK continues its recent correction

"Interest rates remained unchanged at 4%, and it was emphasised that a restrictive monetary policy was still necessary, with the next interest rate cut not likely to take place until next year. Considering that the Norwegian and Swedish central banks have been known to spring a few surprises in recent months, this is certainly worth mentioning."

"The Norwegian Krone (NOK) initially gained slightly against the euro following the decision, but subsequently lost all its gains and closed significantly lower due to a stronger euro. Thus, the NOK has continued its recent correction."

"Both currencies have been trending weaker for around two weeks, giving up some of their gains this year. However, we consider this to be only a minor correction and continue to expect both currencies to appreciate slightly in the coming year."