NOK hinges on crude oil dynamics – Danske Bank
|The Norwegian Krone remains to the mercy of crude oil dynamics for the time being, noted Christin Tuxe, Chief Analyst at Danske Bank.
Key Quotes
“We will not receive any important news about the Norwegian economy before
Friday’s labour market and retail sales data. Until then, NOK is likely to be in the hands of oil prices”.
“Although the rally in oil prices has taken a step too far, in our view, we recognize that sentiment in the oil market is bullish now. In particular, we note that oil prices have been relatively immune to the recent move higher in USD. A pickup in US crude stocks in API stock data due tonight or the EIA inventory data tomorrow or news that softens the outlook for a potential repeal of Iran nuclear deal may change that and lead to a rebound in EUR/NOK”.
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.