The NOK has reclaimed some ground vs. the EUR since the start of the month. A more hawkish Norges Bank should allow this month's recovery in the NOK vs. the EUR to extend a little further, economists at Rabobank report.

Risks of further Norges Bank rate hikes 

“The market is currently priced for a peak in the policy rate of 3.53% suggesting that just one more 25 bps rate hike is fully priced in. By contrast market pricing suggests that the peak in ECB rates will be 44 bps above current levels.”

“A more hawkish Norges Bank could allow for EUR/NOK to push back towards the 11.40 level on a three-month view.”