EUR/NOK likely to come above 12.00 this week – Nordea
EUR/NOK is now trading just below 12.00 and USD/NOK is around 11.20. Economists at Nordea analyze Krone’s outlook.
NOK to do better at the start of next year
It is highly likely that EUR/NOK will come above 12.00 this week and move around sideways toward year-end.
If Norges Bank hikes in December, EUR/NOK is unlikely to fall more than 11.50 in the short term.
For next year, higher energy prices due to China picking up steam, a cut in NOK sales from Norges Bank from 1.4bn NOK/day to around 700m/day and lower interest rates abroad should help the NOK. This is why we see EUR/NOK at 11.50 next summer and at 11.00 by the end of 2024.
A hard landing in the big economies, renewed inflation pressures abroad, and/or new geopolitical challenges are the main risks to our view.
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