Norwegian Krone (NOK) Data Coverage: Indicators, Sources and Release Times

This guide explains what FXMacroData serves for the Norwegian krone: 28 series from Norges Bank and Statistics Norway covering the policy rate, NOWA, the government bond curve, CPI and CPI-ATE, mainland GDP, labour, wages, goods trade, the current account, house prices and money supply. It shows when each release lands in Oslo time and UTC and how EUR/NOK and USD/NOK traders use them.

Quick answer

What is covered

28 NOK series: Norges Bank's policy rate, NOWA, 2y to 10y government bond yields, CPI, CPI-ATE and PPI, mainland GDP, labour-force and wage data, goods exports, imports and trade balance, current account, house prices, retail sales, business tendency, M1 to M3 and the krone trade-weighted index.

Who publishes it

Norges Bank (rates and yields) and Statistics Norway, SSB (almost everything else), with the trade-weighted index from the BIS.

Why it matters

NOK is a small, oil-linked currency with a flexible inflation-targeting central bank. CPI-ATE and the policy rate set the domestic story; oil and global risk set the backdrop.

Takeaway: For EUR/NOK, the monthly CPI-ATE print and each Norges Bank decision are the two scheduled events that most often change the trend.

Who Publishes Norwegian Data

Norges Bank sets the policy rate (the rate on banks' sight deposits) with an inflation target of 2 per cent. It publishes the Norwegian Overnight Weighted Average (NOWA), daily government bond yields and, through its Monetary Policy Reports, a published forecast of its own rate path. Norges Bank also manages the Government Pension Fund Global and conducts daily foreign currency transactions on behalf of the government, announced monthly in advance, which is a recurring flow in the krone market.

Statistics Norway (SSB) publishes CPI and CPI-ATE (CPI adjusted for tax changes and excluding energy products), the producer price index, quarterly national accounts including mainland GDP, the Labour Force Survey, earnings statistics, external trade in goods, the balance of payments, house prices, retail sales, the business tendency survey and money supply. The trade-weighted index is the BIS nominal effective exchange rate.

FXMacroData stores each value with its reference period (date) and publication moment (announcement_datetime), and delivers releases typically within seconds of official publication (release speed).

NOK Indicators Covered

Policy and rates

• Norges Bank policy rate: every decision, holds included. It sets the krone's carry against EUR and USD.
• NOWA: the daily overnight rate that tracks the policy rate in the interbank market.
• 2-year, 3-year, 5-year, 7-year and 10-year government bond yields: daily Norges Bank data. The 2-year is the market's read on the next few decisions.

Inflation

• CPI: headline consumer prices, annual per cent change.
• CPI-ATE: the underlying measure Norges Bank and the market watch most closely. A CPI-ATE surprise against Norges Bank's own projection is one of the biggest NOK events each month.
• Producer price index: heavily influenced by oil and gas prices, so it can swing far more than consumer prices.

Growth and activity

• Mainland GDP: GDP excluding petroleum activities and ocean transport, the measure Norges Bank uses for the domestic cycle.
• Retail sales and business tendency survey: monthly household demand and quarterly manufacturing sentiment.
• House prices: quarterly residential property prices, important because high household debt makes housing a channel for rate rises.

Labour market and wages

• Unemployment rate, employment, participation rate, full-time and part-time employment: quarterly figures from the Labour Force Survey.
• Average monthly earnings growth: quarterly wage data, a key input given Norway's coordinated annual wage settlement.

External sector and money

• Exports, imports and trade balance in goods: monthly, dominated by oil and gas exports, so they move with energy prices.
• Current account balance: quarterly; Norway runs large surpluses driven by petroleum and fund income.
• M1, M2 and M3: monthly money supply.
• Trade-weighted index (NEER): a broad gauge of krone strength.

NOK Release Timing

SSB publishes at 08:00 Oslo time and Norges Bank announces policy decisions at 10:00. Norway observes Central European Time with daylight saving, so 08:00 is 06:00 UTC in summer (CEST) and 07:00 UTC in winter (CET).

Not every Norges Bank meeting carries the same weight. Four of the eight decisions each year come with a full Monetary Policy Report and an updated forecast for the policy rate path, and those meetings tend to move the krone more than the interim decisions, because the market can compare the new rate path directly with its own pricing in the 2-year yield. Quarterly SSB releases also cluster: the Labour Force Survey, earnings and national accounts arrive within a few weeks of each other, so the domestic picture often shifts in one burst rather than gradually.

See the release calendar for exact upcoming dates in your own time zone.

Worked Example: August 2026 CPI

SSB's August 2026 CPI showed headline inflation of 3.3 per cent year on year, up from 3.0 per cent, while CPI-ATE rose to 2.99 per cent from 2.69 per cent. The request:

curl -H "X-API-Key: YOUR_API_KEY" "https://api.fxmacrodata.com/v1/announcements/nok/inflation?start_date=2026-09-01"

The latest row returned (abridged to the fields used here):

{
  "currency": "NOK",
  "indicator": "inflation",
  "data": [
    {
      "date": "2026-08-31",
      "val": 3.3,
      "previous_value": 3.0,
      "previous_date": "2026-07-31",
      "announcement_datetime": 1789020000,
      "announcement_datetime_local": "2026-09-10T08:00:00+02:00"
    }
  ]
}

The epoch 1789020000 is 06:00 UTC on 10 September 2026, which is 08:00 local time (Europe/Oslo) on 10 September 2026.

Both headline and CPI-ATE carry the same announcement timestamp, so a script can compare the two against EUR/NOK at 08:00 Oslo time. Two weeks later, on 24 September 2026, Norges Bank raised its policy rate from 4.25 to 4.50 per cent, a decision recorded in the policy-rate series at 10:00 Oslo time.

Each row also carries previous_value and previous_date, so a single request is enough to compute the change from the prior month without a second query. For CPI-ATE, the 0.30 percentage-point rise between July and August 2026 reversed part of the drop from 3.32 per cent in May to 2.69 per cent in July.

How Traders Use NOK Data

1. CPI-ATE versus Norges Bank's projection. Norges Bank publishes its own inflation forecasts, so the market judges CPI-ATE against that path. A sustained overshoot, like the August 2026 rise to nearly 3 per cent, raises the odds of a tighter rate path.
2. Oil and the trade balance. Goods exports and the trade balance move with oil and gas prices. Traders pair them with the energy price backdrop to judge whether NOK strength is commodity-led or rate-led.
3. Rate spread to the euro area. The Norwegian 2-year yield minus the German 2-year is a common EUR/NOK driver. The EUR/NOK dashboard plots it with price.
4. Liquidity and risk. NOK is less liquid than the majors and tends to weaken in risk-off episodes even when oil is stable, so domestic data work best as confirmation inside a calm risk backdrop.
5. Housing and household debt. House prices and credit-sensitive data show how quickly rate rises are slowing the economy, which shapes how long Norges Bank can hold rates high.

Related Pages

• Norges Bank monetary policy guide for the policy framework and decision schedule.
• Norway indicator hub for every NOK series with charts and API documentation.
• EUR/NOK dashboard and the USD/NOK dashboard for price and differentials.
• Release calendar for upcoming Norwegian events.
• Data coverage for all 22 currencies.