NOK remains rangebound for the time being – Danske Bank

Pablo Piovano FXStreet

Analyst at Danske bank Aila Mihr sees the Norwegian Krone keeping the sideline theme unchanged in the near term horizon.

Key Quotes

“EUR/NOK is currently on a knife edge as further SEK or oil price support could trigger technical NOK buying interest amid a break of the important 9.47 support level (would open for test of low 9.40s)”.

“Meanwhile, we emphasise that we still see a range of NOK headwinds in the likes of the global outlook, Nibor fixings, the Norges Bank balance of risk, USD strength and to some extent positioning still”.

“As a result, we still think it is too early to turn strategically bullish on the NOK even if we technically could see some support to the Norwegian currency near term”.

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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