EUR/NOK’s price action keeps tracking oil – Danske Bank

Analyst at Danske Bank Aila Mihr noted NOK’s performance keeps depending on crude oil dynamics.

Key Quotes

“In Scandies, trading in EUR/NOK broadly mirrored movements in oil prices yesterday, which traded in a tight range”.

“The main focus in the oil market was on headlines suggesting that OPEC is working on a dual strategy to extend output cuts 9M until end-2018 and to prepare the market to life after output cuts”.

“The EIA inventory report is likely to be distorted still by the damage caused by Hurricane Nate and is likely to be disregarded by the market”.