The EUR/NOK currency pair pulled back from a fresh 1 1/2-week high of 11.5711 on Friday in the wake of the European Central Bank’s policy decision.
The central bank kept its main refinancing operations rate intact at 2.15% at its February 5th policy meeting, in line with market consensus.
And, the ECB deposit facility rate was kept at 2.00%.
ECB President Christine Lagarde reiterated that monetary policy was in a “good place” and played down concerns that a stronger Euro could pose a risk to the inflation outlook.
Lagarde’s remarks suggested that interest rates were likely to remain steady for the foreseeable future.
The ECB President also warned that inflation figures could move unevenly in the coming months, but emphasized that policy decisions should not be driven by any single release of data.
Meanwhile, the latest data out of Norway showed that manufacturing production had shrunk 0.1% month-over-month in December, after a revised down 2% surge in the prior month.
The EUR/NOK currency pair was last down 1.00% on the day to trade at 11.4301.
The Norwegian Krone has also received a boost from higher oil prices, exerting downward pressure on the exotic currency pair.
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