BUZZ-COMMENT-Norges Bank is likely to confirm a March rate cut

Jan 17 (Reuters) - The Norges Bank holds an interim policy meeting on Jan. 23 and the domestic and external backdrop argues for rates to be held at 4.5% but with a nod to an eventual easing in March.

Little has changed since the December meeting, but the crown remains weaker than the central bank's assumptions and interest rates abroad have edged higher. Domestic inflation for December came in marginally below the Norges Bank's call, but rising oil prices are likely to underpin prices going forward.

Being an interim meeting, the central bank will not release forecasts or rate path adjustments next week but will issue a verbal press statement and hold a press call.

The Norges Bank is expected to telegraph a 25-basis point March rate cut to 4.25%, which in supporting growth might trigger a NOK recovery. Overall, the impact of the meeting on the markets is likely to be limited.

EUR/NOK has climbed back above the 200-day moving average, 11.7053 and is testing Ichimoku cloud resistance at 11.7250. A degree of stability has returned to the crown, but EUR/NOK stands 1.75% above the Nov. 25 11.5200 low and pressure on the NOK is building once more.

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(Peter Stoneham is a Reuters market analyst. The views expressed are his own. Editing by Alison Williams)

((peter.stoneham@thomsonreuters.com))