Chapter 2 Financial markets

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1 Chapter Financial markets Executive Board May....a Exchange rates against USD Daily figures.... JPY per USD (left-hand scale) USD per euro (right-hand scale).. Executive Board May. Source: EcoWin

2 .b Nominal effective exchange rates A rising value denotes an appreciating exchange rate... =. Daily figures EUR USD Executive Board May Sources:, ECB and EcoWin.a Three-month money market rates Nominal interest rates. Daily figures EUR USD JPY NOK GBP - Executive Board May Sources: and EcoWin

3 .b Yields on -year government bonds Daily figures US Germany April May Japan Executive Board May Sources: and EcoWin. Movements of sub-indices on the Oslo Stock Exchange Daily figures. January = OSEBX Energy Industrials Financials ICT* * The ICT index is calculated as the average of the IT and telecom indices. Executive Board May Source: EcoWin

4 . Developments on international bourses Daily figures. January = Wilshire, US FTSE, UK DAX, Germany Topix, Japan Executive Board May Source: EcoWin. Yield spreads between US corporate bonds and government bonds Daily figures. Percentage points.. Investment grade (left-hand scale).... Speculative grade (right-hand scale) Executive Board May Source: EcoWin

5 . Yield spreads between government bonds in USD from emerging economies and US government bonds. Daily figures. Percentage points Brazil Turkey EMBI+ Asia Executive Board May Sources: JP Morgan, EcoWin. 's sight deposit rate and short-term money market rates Nominal interest rates. Daily figures -week rate -month rate Sight deposit rate Executive Board May Source:

6 . Interest rate differentials NOK-EUR and NOK - main trading partners. -month nominal rates. Daily figures - - NOK/EUR NOK/Main trading partners - - Executive Board May Source:. Three-month forward rates (FRA rates) April May March Mar Jun Sep Dec Mar Executive Board May Source:

7 . Three-month FRA rates Sept - May. Daily figures September June December March Sep Nov Jan Mar May Executive Board May Source:. 's sight deposit rate, actual -month rates and -month FRA rates Sight deposit rate FRA rates: -month rate April March May Executive Board May Source:

8 .a Forward rates in Norway Implied short-term forward rates May March April Executive Board May Source:.b Forward rates in Norway, the US and Germany May Norway US Germany Executive Board May Source:

9 .c Differential between Norwegian and German forward rates.. May. April. March Executive Board May Source:.a Differential between Norwegian and German forward rates years ahead Executive Board May Source:

10 .b Differential against German forward rates years ahead.. Norway.. US Executive Board May Source:. Yields on Norwegian government bonds Daily figures -year rate -year rate Executive Board May Source:

11 . Yield spreads. Government bonds -year maturity. Daily figures,, NOK/USD,,, NOK/SEK NOK/DEM, -, NOK/GBP - Executive Board May -, - Source: EcoWin Monthly figures. Exchange rates A fall in value denotes a depreciating currency. Index. Daily figures Import-weighted exchange rate, countries (=) Trade-weighted exchange rate (=) Executive Board May Source:

12 . Krone exchange rate (TWI) and -month interest rate differential against other countries -month interest rate differential TWI - Executive Board May Source:. Nominal effective exchange rates Rising value denotes an appreciating currency. January = Norway Canada Australia New Zealand Executive Board May Sources: and EcoWin

13 . Implied volatility for NOK/EUR Annualised expected standard deviation. Per cent -mo. -mo. -mo. Jan Jul Jan Jul Jan Executive Board May Source: EcoWin. Probability for the effective krone exchange rate one month ahead Probability per. point.,.,., NOK/EUR=% NOK/USD=% NOK/SEK=% NOK/GBP=% Executive Board May Source:

14 . Credit indicator (C) -month growth. Per cent jan mai sep jan mai sep jan Executive Board May Source:. C by borrower sector -month growth. Per cent Municipalities Households Non-financial enterprises - Jan Jul Jan Jul Jan Jul Jan Jul Jan - Executive Board May Sources: Statistics Norway and

15 . Total credit, domestic and foreign sources (C) -month growth. Per cent C mainland Norway C Jan May Sep Jan May Sep Jan Executive Board May Source:. Money supply (M) -month growth. Per cent jan mai sep jan mai sep jan Executive Board May Source:

Chapter 2 Financial markets

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