A more hawkish Norges Bank did give support to NOK last week, but that support was short-lived as both oil prices and stock markets fell. Economists at Nordea see the cross moving in the range 10.00-10.30 in the near-term, but see more downside by the summer. Key quotes “The broader risk sentiment in markets is currently tightly linked to movements in US long-term rates. If stock markets get spooked from higher US rates then NOK will end up being collateral damage – as we have seen in the past two months. But eventually US long-term rates will reach some kind of steady state – reducing the scope for much higher rate movements – and this should reduce the downwards pressure on stocks we have seen lately.” “Longer out, the global recovery will likely continue to give support to stocks, and the same holds for the oil price as well. Higher stocks, oil prices and rates in Norway is why we hold our view for EUR/NOK coming below 10.00 by the summer. But in the near-term, though, EUR/NOK is likely to move about sideways in the range 10.00-10.30.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: The 200-day SMA holds the downside”¦ for now FX Street 1 year A more hawkish Norges Bank did give support to NOK last week, but that support was short-lived as both oil prices and stock markets fell. Economists at Nordea see the cross moving in the range 10.00-10.30 in the near-term, but see more downside by the summer. Key quotes "The broader risk sentiment in markets is currently tightly linked to movements in US long-term rates. If stock markets get spooked from higher US rates then NOK will end up being collateral damage - as we have seen in the past two months. But eventually US long-term rates will reach some… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.