NOK remains under pressure – Danske Bank

The Norwegian Krone still appears under pressure, according to Chief Analyst at Danske Bank Arne Rasmussen.

Key Quotes

“Also in the Scandies, the NOK remains under pressure as the oil price keeps trading on a heavy note”.

“As highlighted in recent months we prefer a very cautious stance on the NOK even if domestic data is likely to remain strong in the near term”.

“Given our less upbeat view on the global business cycle, a short NOK/SEK position might even seem like an attractive way to ‘hedge’ the EUR leg of the cleaner short EUR/SEK trade”.