NOK/SEK poised to hold well so far – Danske Bank

Jens Pedersen, Senior Analyst at Danske Bank, gives his opinion on the Nordic cross and Brent-dynamics.

Key Quotes

“Oil prices spiked yesterday following the news that the US plans to ask its allies to block oil imports from Iran”.

“Supply-driven oil moves typically matter less for NOK than demand-driven ones”.

“Nevertheless, we note that if supply concerns keep upward pressure on oil prices despite OPEC aiming to remove ‘over compliance’ to the output deal, it adds another argument as to why notably NOK/SEK is set to hold up well in the current environment of trade concerns”.