EUR/NOK seen around 9.20 in 3-month – Danske Bank

Senior Analyst at Danske Bank Pernille Henneberg assessed the prospects for the cross in the near to medium term views.

Key Quotes

“Despite our long-term strategic bullish view on the NOK, we think the latest move lower in EUR/NOK has been a little too fast too soon”.

“Given the vulnerable risk environment, the latest developments in Norwegian data, speculative NOK positioning and NOK seasonality we expect the cross to end the year higher than the current spot”.

“We now forecast EUR/NOK at 9.10 in 1M (previously 9.30), 9.20 in 3M (9.30), 9.00 in 6M (9.10) and 8.80 in 12M (8.80)”.