EUR/NOK to breach the 12.00 figure in the coming 6M – Danske Bank

FXStreet Insights Team FXStreet

This autumn, the Norwegian currency has gained recent support. However, economists at Danske Bank expect NOK to weaken again.

Relief boost to NOK to prove temporary

We maintain a negative view on NOK.

For the very near-term, we cannot rule out more NOK strength but we highlight that we see such strength as temporary and still pencil EUR/NOK to breach the 12.00 figure in the coming 6M.

We still think NOK is fundamentally undervalued but we do not see the trigger for a turnaround in the next 12M as global headwinds look set to return.

Forecast: 11.70 (1M), 11.90 (3M), 12.10 (6M), 12.10 (12M)

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FXStreet Insights Team

FXStreet

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