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EUR/NOK still looking for a peak – Danske Bank

FXStreet (Edinburgh) - Senior Analyst Sverre Holbek at Danske Bank believes there is still room for further upside in the cross.

Key Quotes

“EUR/NOK reached an intra-day high at 9.6170 before consolidating”.

“The market is pricing in a further full 25bp rate cut by Norges Bank in June next year, which is probably fair given the continuing downside risks to the Norwegian economy”.

“With the oil price trading on the soft side and a fragile risk appetite, we believe it is too early to call a definitive top in EUR/NOK”.

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