NOK: Running out of catalysts for further strength - ING

Bar July Industrial production (Thu), it is a fairly quiet week on the Norwegian data front and as a result NOK is likely to trade in a narrow range, according to analysts at ING.

Key Quotes

“With the domestic data upside surprises being the key driven behind the NOK strength over the past days - and the reason behind the persistent break below the EUR/NOK 9.30 level - this suggests a limited upside to NOK.”

“The Sep ECB meeting should have a limited impact on Scandies, as opposed to the EUR/USD cross for example, thus pointing to a range-bound EUR/NOK.”