According to Jinshi, the Norwegian central bank hinted that it may postpone plans to start cutting interest rates in the autumn after the Norwegian krone depreciated more than officials expected. The Norwegian central bank kept its key deposit rate at 4.5%, the highest level since December 2008, and said it might need to maintain tightening "for longer than previously thought."

The Norwegian krone has been one of the worst performers among the world’s most traded currencies this year. Despite slowing inflation, the krone’s weakness poses a major challenge for Norwegian policymakers. With the Federal Reserve giving no timetable for a rate cut this week, Norway’s central bank has less room to maneuver.

If Norway acts early, its currency could weaken further, pushing up import prices. The krone is now about 3% weaker on a trade-weighted basis than the official forecast in March, an outcome the central bank acknowledged in its statement on Friday.