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EUR/NOK rangebound in near term – Danske Bank

FXStreet (Edinburgh) - Analyst at Danske Bank Kristoffer Lomholt sees the cross navigating in a consolidative pattern in the near term.

Key Quotes

“In the scandies, EUR/NOK remains caught in the 9.20-9.30 range”.

“While EUR weakness has weighed on the cross, Friday’s drop in the oil price has been a positive factor for the cross via the NOK-leg”.

“The drop in global rates has been a contributing factor for lower short-term NOK rates, as the probability of another Norges Bank cut has increased”.

“The reason for this is that ‘foreign rates’ – one of the most important factors for changes to the Norges Bank rate path – now lie below Norges Bank’s September projection”.

“Fundamentally we expect lower NOK-rates and seasonal factors to send EUR/NOK higher in the coming months forecasting 9.30 in both 1M and 3M”.

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