The GBP/NOK currency pair was confined in a narrow daily range on Wednesday ahead of UK’s monthly GDP data and Norway’s trade balance report, due out on Thursday.
UK’s economy probably registered zero growth in November, after a 0.1% contraction in October.
UK’s services sector shrank 0.3% in October from a month ago, while construction output dropped 0.6%. At the same time, UK’s production sector grew 1.1% in October.
The Bank of England is expected to continue moving policy gradually toward easing. Employment risks in the UK remain, while inflation is still above the BoE’s 2% target.
A survey by the Recruitment and Employment Confederation and KPMG showed this week labor demand remained subdued in December, while wage growth picked up. In 2025, hiring remained weak as firms tried to offset higher employer contributions to social security schemes.
Meanwhile, NOK traders will be paying attention to Norway’s trade balance data for December for more clues regarding the nation’s GDP growth.
The GBP/NOK currency pair was last down 0.05% on the day to trade at 13.5307.
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