The way looks paved for a move lower in EUR/NOK — Danske Bank

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Danske Bank economists they anticipate that 2023 will be a good year for the Norwegian krone. They foresee a USD/NOK at 10.40 and 10.10 at three and twelve months, respectively.

EUR/NOK at 10.40 in 3 months and 10.10 in 12 months

“If we are correct in our base case that the global recession does not turn out to be too severe or deep and/or energy will turn out to be a high-yielding stock sector in the coming years, this leaves a much better background for the NOK in 2023”.

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“We anticipate a EUR/NOK of 10.40 in 3 months and 10.10 in 12 months.”

“A severe global recession and strong risk-on sell-off could send EUR/NOK substantially above our projection. On the other hand, a persistent rise in oil and natural gas prices, combined with an improvement in growth prospects, it could push the EUR/NOK even below our forecasts.”

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Source: Fx Street

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