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The Norwegian Krone could face some selling pressure in the very near term, noted Aila Mihr, Analyst at Danske Bank.

Key Quotes

“While domestic data has been on the weak side, the SEK move alongside higher oil prices has sent EUR/NO K to the low end of the 9.47-9.75 range”.

“With Norway out on Monday, yesterday’s price action is likely to reflect renewed foreign NOK buying interest. Today, it will be key to see whether domestic importers will utilise the move lower, as we know that 9.50 has triggered EUR/NOK buying interest previously”.