EFTA Document EFTA01451174

9 January 2014 FX Blueprint Thin end of the wedge ▪ Norges bank to continue to balance falling house prices vs. sticky CPI. • NOK cheap, but investors wary of jumping back in unless/until Norges Bank and/or crude provide support supportive. In Norway, the mainland economy has been growing around 2.0-2.5% YoY for most of the last couple of years, with the recent PMI and manufacturing output suggestive of continuing improvement going forward. Norges Bank's focus is balancing the decli