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Price action around the Norwegian Krone should hinge on the broad risk appetite trends, noted Arne Rasmussen, Head of FI Research at Danske Bank.

Key Quotes

EUR/NOK remains in the hands of (fragile) risk sentiment awaiting retail sales and job data towards the end of the week; even if downside looms as Norges Bank initiates a hiking cycle, the trade dispute adds to short-term NOK headwinds”.

“NOK/SEK has been steady so far but we expect further trade tensions to weigh more on SEK than on NOK ahead due to Sweden’s exposure to the global manufacturing cycle”.