NOK sticks to the cautious stance – Danske Bank

Chief Analyst at Danske Bank Jakob Christensen keeps the cautious stance on the Norwegian Krone for the time being.

Key Quotes

“In the Scandies, the NOK session was dominated by the Brent Crude oil price breaking below USD 46/bbl, which has weighed on the traditional oil currencies, incl. the NOK”.

“Also 2Y NOK swap rates were a little lower. As highlighted, the global demand and oil outlook are the primary reasons why we still emphasize a cautious tactical NOK stance even if our call on the domestic economy, Norges Bank and possibly even the Gjedrem report on Friday would suggest some near-term NOK upside potential”.