FXStreet (Edinburgh) - According to BofA Merrill Lynch Global Research, the Norwegian krone is seen significantly undervalued at current levels, and might gather traction towards the end of 2015. Key Quotes “Our year-end forecasts appear a bit far away as renewed oil price weakness dragged NOK lower”. “We acknowledge the downside risks to our NOK view, but hold stead for now, keeping our year-end EUR/NOK forecast at 9.15 given our commodity team’s outlook of a bounce in oil prices into year-end, as well as expectations for significant easing from the ECB in December”. “NOK also looks significantly undervalued from a fundamental perspective as well as relative to long term averages”. For more information, read our latest forex news.