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NOK strength expected to pick up – Danske Bank

FXStreet (Edinburgh) - Sverre Holbek, Senior Analyst at Danske Bank, sees the Norwegian krone gathering traction in the medium to longer run.

Key Quotes

“The NOK remains significantly undervalued vis-à-vis the EUR and SEK”.

“Notably, however, the two Scandies both remain expensive relative to the USD with USD/SEK and USD/NOK trading below our short-term financial model estimates of 8.2329 and 8.2190, respectively”.

“Fundamentally, we remain medium- to long-term bullish on the NOK and think the current low levels in NOK/SEK combined with a cheap option skew offer an attractive opportunity from a risk/reward perspective to gradually build up long NOK/SEK positions via options”.

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