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Forex Flash: NOK/SEK potential upside ahead – RBS

The benchmark of the Scandinavian crosses is trading in session lows, hovering over the area of 1.1130/40 as of writing.

Nick Mannion, FX Analyst at RBS, expects the Norges Bank to remain on hold in its monetary policy meeting on Thursday. At the same time, the expert also believes that weakness in the euro area would reflect on Swedish fundamentals, prompting the Riksbank to ease further via a rate cut.

“We continue to favour long NOK/SEK exposure… For a start, the recent fall in NOK/SEK does not look justified by moves in interest rates and the oil price, the traditional drivers of the pair. Secondly… we see scope for Swedish data to begin to disappoint… We thus target a move to 1.1750”, remarked Mannion.

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