EUR/NOK broke year-to-date highs at 10.38 last week. Economists at Credit Suisse look to sell EUR/NOK rallies to 10.40 targeting 10.10 as they see risks of a hawkish tilt from the Norges Bank in June.
Braced for volatility
“We now expect EUR/NOK to trade in a 9.90-10.60 range, as the external backdrop suggest that high volatility can persist.”
“Domestically, recent data more conclusively points to rising risks of a hawkish pivot by Norges Bank on 23 June. For this reason, we are tactically bullish on NOK and we would sell EUR/NOK rallies to 10.40 targeting 10.10.”
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