EUR/NOK seen trading around 11.50 until year-end – Nordea

FXStreet Insights Team FXStreet

The Norwegian Krone has had a good summer. Economists at Nordea analyze NOK outlook.

No summertime sadness

The NOK is one of the main benefiters of inflation abroad coming in lower and global central banks signalling the end of rate hikes.

We remain sceptical about more NOK strengthening in the short to medium term. Norges Bank probably won’t raise their rate path even if inflation in June came in somewhat higher than expected. Norges Bank hiking less than the market anticipates points toward a somewhat weaker NOK.

We see EUR/NOK trading around 11.50 ahead.

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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