Norwegian Krone Weakens as Softer Inflation Cuts Norges Bank Hike Odds to 38%

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The Norwegian Krone underperformed after Norway's mixed August Consumer Price Index data reduced the perceived likelihood of a near-term Norges Bank hike, according to Brown Brothers Harriman's Elias Haddad. September hike odds fell from 65% to 38% following the inflation release. The softer pricing data prompted the repricing of rate expectations for the Norges Bank meeting. The Krone weakened against major currencies as traders scaled back bets on tighter policy.

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