EUR/NOK poised for a bounce near term – Danske Bank
|The Norwegian Krone could face some selling pressure in the very near term, noted Aila Mihr, Analyst at Danske Bank.
Key Quotes
“While domestic data has been on the weak side, the SEK move alongside higher oil prices has sent EUR/NO K to the low end of the 9.47-9.75 range”.
“With Norway out on Monday, yesterday’s price action is likely to reflect renewed foreign NOK buying interest. Today, it will be key to see whether domestic importers will utilise the move lower, as we know that 9.50 has triggered EUR/NOK buying interest previously”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.