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EUR/NOK seen at 9.40 in 3-month – Danske Bank

FXStreet (Edinburgh) - Senior Analyst at Danske Bank Sverre Holbek believes the cross could grind lower to the 9.40 area in a 3-month horizon.

Key Quotes

“The SEK and NOK strengthened sharply on Tuesday despite Norway August retail sales coming out much weaker than expected at -0.4% m/m, supporting the perception that the weakness in consumer confidence is translating into a slowdown in private consumption”.

“As such, the NOK trades like a currency where the market is already substantially short, which is also confirmed by the weekly FX flow data from Norges Bank (NB)”.

“Today, we will have the weekly FX flow data from the week ending 25 September, which includes the NB policy meeting. We forecast EUR/NOK at 9.40 in 1M and 3M”.

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