Jens Pedersen, Senior Analyst at Danske Bank, gives his views on the Norwegian Krone in the next months.
Key Quotes
“Despite risk rallying, oil fluctuating heavily intraday and the Riksbank announcing forthcoming NOK buying (albeit a relatively small size) EUR/NOK remains virtually unchanged within the 9.40-9.60 range”.
“Tomorrow’s inflation print marks this week’s biggest event in Norwegian markets: our call on core inflation falls in the lower end of analyst estimates (albeit in line with median consensus) and hence should on balance be marginally negative for NOK”.
“That said, recent price action has showed that we would probably have to see a more substantial disappointment for EUR/NOK to break higher”.
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