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Mikael Milhoj, Senior Analyst at Danske Bank, noted there is room for the cross to drop and test the 9.40 region.

Key Quotes

“In the Scandies, EUR/NOK continues to edge lower and we are now close to important support levels around 9.50. A break of 9.5000 (figure) and especially 9.4913 (August low) would open up for a test of the low 9.40s”.

“We remain short the cross. Today, we should not expect any price volatility on the back of the Norwegian credit growth release”.

“In neighbouring Sweden, we will look out for NIER survey details, which should shed more light on the growth outlook. Also, we continue to follow political developments closely as any news on the government formation would either confirm or reject the recent re-pricing of the SEK political risk premium”.