EUR/NOK HAS STILL ROOM TO FALL IN THE DAYS AND WEEKS TO COME – NORDEA
The NOK has done well lately. Economists at Nordea analyze Krone’s outlook.
Higher NOK sales not a game changer
Today’s announcement for a minor rise in NOK sales on behalf of the Government will unlikely be a game changer for NOK in the short term.
The main risk for the NOK remains a correction in the stock market which could spill over in commodity markets.
We still keep our view for EUR/NOK around 11.50 by year-end, but the cross has still room to fall in the days and weeks to come.
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