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Analysts at Danske Bank now see the cross could slip back to the 9.20 area withina 3-month’s view.

Key Quotes

“At the June monetary policy meeting, Norges Bank confirmed market expectations of a September rate hike, which, in our view, marks an important fundamental trigger for the next move lower in EUR/NOK“.

“In the very near term, the global environment of weaker growth and trade war fears alongside improved structural NOK liquidity and ‘summer trading’ should limit the short-term potential. We ‘roll’ our forecast profile to 9.40 in 1M (unchanged), 9.20 in 3M (9.30), 9.20 in 6M (9.30) and 9.10 in 12M (9.20)”.