EUR/NOK will move around 11.50 until the summer – Nordea

The Norwegian Krone (NOK) has weakened slightly since the start of the year. Economists at Nordea analyze EUR/NOK outlook.

EUR/NOK to trade around 11.25 by year-end

We believe that EUR/NOK will trade broadly sideways around 11.50 until the summer, but that does not mean it will move along a straight line. 

When rates abroad are lowered during the second half of 2024, we see NOK faring better and expect EUR/NOK to trade around 11.25 by the end of 2024.

Looking at technical levels, we see that 11.20 area has been a solid bottom for EUR/NOK while the area around 12.00 has been a ceiling EUR/NOK rarely has been over.