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EUR/NOK seen at 8.80 in 12-month – Danske Bank

FXStreet (Edinburgh) - According to Analyst Mikael Milhoj at Danske Bank, the cross could head lower towards the 8.80 region within a year’s view.

Key Quotes

NOK gained substantially yesterday on the back of an unexpected expansionary 2016 budget proposal, implying a fiscal stimulus of 0.7% of GDP, where we expected roughly 0.5%”.

“In our view, this should, in isolation, take some pressure off Norges Bank and supports our call that it will not cut rates further”.

“While NOK is likely to continue to trade in tandem with risk sentiment and oil in the short term, we still expect EUR/NOK to trade substantially lower on a six- to 12 month horizon, targeting the cross at 8.80 in 12M”.

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