EUR/NOK seen around 9.20 in the near term – Danske Bank

Senior Analyst at Danske Bank Sverre Holbek sees the Norwegian Krone giving away some ground in the next 1-3 months.

Key Quotes

“From a market perspective, the Norway GDP release was a non-event: while disappointing, it was not weak enough to trigger speculations of additional monetary easing. Also, the details were more encouraging than the headline”.

“Stories that OPEC still works on a supply cut has supported the oil price and thereby the NOK, yet we still question the outlook for a meaningful deal at the 30 November meeting”.

“As a result, we still expect seasonality to weigh on the NOK in coming months seeing EUR/NOK moving towards 9.20 in 1-3 months”.