EUR/NOK seen at 10.20 on a 12-month view – Danske Bank
|Economists at Danske Bank are still positive on NOK due to Norges Bank’s krone buying, a slightly better domestic economic outlook and promising virus numbers. Therefore, they forecast EUR/NOK at 10.20 in 12 months.
Read: EUR/NOK pushes lower as Norges Bank stands alone in the hawkish camp – TDS
Key quotes
“We have moved closer to our positive risk scenario - even if the Fed’s June meeting alongside souring COVID-19 news stirred a temporary setback. We still believe in more EUR/NOK downside due to Norges Bank’s large scale NOK buying to fund the fiscal support of the economy, as we see downside risks to mainland growth have diminished and Norwegian COVID-19 numbers look to be under control.”
“We forecast EUR/NOK at 10.70 in 1M, 10.50 in three months, 10.30 in six months, and 10.20 in 12 months.”
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.