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

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - Analyst Kristoffer Lomholt at Danske Bank, sees the cross heading towards the 8.80 area in a year’s time.

    Key Quotes

    “While we expected the NOK to weaken on a NB September rate cut, improved risk sentiment, a higher oil price and a more expansionary fiscal budget than what we had expected has triggered a EUR/NOK fall”.

    “We do, however, maintain the view that risks are skewed to the upside as we approach year-end, when NOK liquidity tends to worsen”.

    “The NOK remains very cheap which together with a reversal of bearish speculative NOK-bets should become a NOK positive when the business cycle turns”.

    “We leave our 6-12M forecasts unchanged at 9.25 in 6M and 8.80 in 12M but lower our 1M and 3M forecast to 9.30 (both from 9.40)”.
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