EUR/NOK seen at 9.10 in 12-month – Danske Bank

Pablo Piovano FXStreet

Kristoffer Lomholt, Senior Analyst at Danske Bank, belives the cross could slip back to the 9.10 area within a year’s view.

Key Quotes

“We have seen EUR/NOK move sharply lower in the first months of the year as foreign investors have returned to the NOK market amid improved fundamentals and higher NOK rates”.

“In the near-term we are cautious on positioning, a thin domestic data calendar, global risk appetite and external support factors for the short end of the NOK-curve; i.e. the price of offshore USD. However, we still see the relative growth outlook, valuation and the 2017 terms of trade shock as eventual NOK positives. In addition, the outlook of a NB September hike still leaves potential for somewhat higher short-end NOK rates”.

“We leave our profile unchanged, forecasting the cross at 9.50 in 1M, 9.40 in 3M, 9.20 in 6M and 9.10 in 12M”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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