The NOK rallied strongly during the European session reflecting short-end oil moving higher and a big fixing interest, per Danske Bank. EUR/NOK is sitting at 11.281.
Key quotes
“The weekly flow data from Norges Bank strongly indicated that Norges Bank did not intervene last week which makes sense given the recent NOK rebound.”
“Norges Bank likely has no interest in returning EUR/NOK to the 10 figure amid the economic recession and instead wants to prevent another spiralling selloff above 12.00.
“We remain cautiously bullish on NOK.”
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