Morten Helt, Senior Analyst at Danske Bank, noted the Norwegian Krone is poised to extend the rangebound theme for the time being.
“The bounce in EUR/NOK yesterday was driven mainly by a decline in the oil price and the cross now trades in the middle of the 9.47-9.75 range, which we expect to remain intact in the near term”.
“Mainland GDP released yesterday was very close to Norges Bank’s estimate from the latest monetary policy report and confirms that Norges Bank will deliver the announced rate hike ‘over the summer’.
“We still think EUR/NOK near term should be played tactically within the 220.127.116.11 range with the likes of positioning, Nibor fixings, global growth momentum and China weighing on commodity FX still representing headwinds to the 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.