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Kristoffer Lomholt, Senior Analyst at Danske Bank, suggested staying short on the cross for the time being.

Key Quotes

EUR/NOK keeps trading heavy above the important set of threshold levels around 9.40. Recent price action should primarily be seen in light of renewed SEK interests with little domestic news out of Norway”.

“The data calendar yesterday brought SSB house prices but unsurprisingly the release was closely in line with the already published Real Estate Norway figures and hence had no market impact”.

“This week (1) SEK price action, (2) global risk appetite, (3) US-Saudi tensions in relation to oil and 4) pure technicals will be key to follow. We remain short the EUR/NOK spot outright”.