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EUR/NOK seen at 8.30 in 3 months - UBS

FXStreet (Córdoba) - The UBS analyst team noted that the Norwegian krone weakened after the release of the latest survey on Norway oil & gas investments which confirmed the Norges Bank's concerns about oil-related investments dropping at least 10% in 2015.

Key Quotes

“The NOK weakened after the release of the latest survey on Norway oil & gas investments, which confirm the Norges Bank's concerns about oil-related investments dropping at least 10% in 2015”.

“This indicates limited potential for the Norges Bank to become less dovish in the near term, even though economic data surprised positively recently”.

“Thus, the upside in the NOK is limited over the coming three months. We thus keep our forecast of EUR/NOK at 8.30 in three months”.

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