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EUR/NOK seen at 8.80 in 12-month – Danske Bank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - According to Analyst Mikael Milhoj at Danske Bank, the cross could head lower towards the 8.80 region within a year’s view.

    Key Quotes

    NOK gained substantially yesterday on the back of an unexpected expansionary 2016 budget proposal, implying a fiscal stimulus of 0.7% of GDP, where we expected roughly 0.5%”.

    “In our view, this should, in isolation, take some pressure off Norges Bank and supports our call that it will not cut rates further”.

    “While NOK is likely to continue to trade in tandem with risk sentiment and oil in the short term, we still expect EUR/NOK to trade substantially lower on a six- to 12 month horizon, targeting the cross at 8.80 in 12M”.
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