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NOK has been under an extraordinary amount of pressure, but it is important to remember that Norway has the most latitude on the fiscal side of all of the G10 economies, as economists at TD Securities notes. EUR/NOK trades at 11.257, falling in the last hours. 

Key quotes 

“Particularly when compared to others in the region, Norway is comparatively unconstrained if and when it decides to act on fiscal front.”

“It takes a lot of courage to sell EUR/NOK here with any conviction, but things certainly feel overcooked on the upside and growth supportive measures should be seen as positive elements for a currency.”

“We expect NOK to remain highly sensitive to fluctuations in global risk appetite, particularly as liquidity is likely to remain patchy and unreliable.”


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