EUR/NOK to adjust lower towards the 10.00 level – ING

FXStreet Insights Team FXStreet

The Norwegian krone goes through episodic sharp declines at times of market stress but usually reclaims those losses when conditions settle. Economists at ING expect EUR/NOK and USD/NOK to correct towards 10.00 and 9.60, respectively.

Primed for a recovery

“We see a temporary reprieve for risk assets, which will allow investors to focus on one of the enduring impacts of the war in Ukraine – higher energy prices.

“Having rallied 8% over the last month, we would not be surprised to see EUR/NOK correcting lower in a move that could extend back to 10.00.”

“USD/NOK could correct a little further to the 9.60 area.”

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FXStreet Insights Team

FXStreet

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