EUR/NOK will move around 11.50 until the summer – Nordea
Source Fxstreet
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.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The technical analysis of the daily chart indicates a prevailing bullish bias, with the pair remaining within the ascending channel pattern.
Dow Jones futures advance 0.20% to trade above 47,100 during European hours ahead of the opening of the United States (US) regular session on Friday.
Gold catches fresh bids on the last day of the week amid reviving safe-haven demand.
From a technical perspective, the black liquid has been trending lower along a downward-sloping channel since late October.
The pair depreciates as the Pound Sterling (GBP) weakens following the Bank of England’s (BoE) dovish hold in November.
Related Instrument
