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EUR/NOK to keep the down path – Danske Bank

FXStreet (Edinburgh) - According to Lars Christensen, Chief Analyst at Danske Bank, the outlook for the Nordic cross would remain tilted to the downside.

Key Quotes

“We expect the August Norwegian unemployment rate to come out slightly weaker than expected at 3.0%. However, the market is likely to see through these data ahead of the important July retail sales on Friday”.

“We will also get the weekly FX flows from Norges Bank (NB), which will likely show that speculators have been buyers of NOK in the week ending 22 August”.

“While short-term momentum indicators are oversold for EUR/NOK, the down-trend is firmly intact. In Sweden, we will have a series of data, but all of them are second-tier and unlikely to have a major market impact”.

“We expect the down-trend in EUR/SEK to pause ahead of the Riksbank meeting on 4 September and the election on 14 September”.

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