2 Jul 2014
EUR/NOK to fall towards 8.00 over three months - UBS
FXStreet (Córdoba) - The UBS analyst team keeps their view the EUR/NOK will fall towards 8.00 over three months despite sluggish Norwegian PMI for June.
Key Quotes
“The Norwegian PMI for June remained unchanged from the previous month at a rather weak 49.6. However, we would not focus too much on this indicator, as it has a very small sample size and is quite volatile”.
“The more prominent Regional Network business survey by the central bank points to a slight acceleration of growth in coming quarters”.
“We thus remain confident that stabilizing economic momentum should support the NOK. As such, we see EUR/NOK falling towards 8.00 over three months”.
Key Quotes
“The Norwegian PMI for June remained unchanged from the previous month at a rather weak 49.6. However, we would not focus too much on this indicator, as it has a very small sample size and is quite volatile”.
“The more prominent Regional Network business survey by the central bank points to a slight acceleration of growth in coming quarters”.
“We thus remain confident that stabilizing economic momentum should support the NOK. As such, we see EUR/NOK falling towards 8.00 over three months”.