NOK: Stabilisation after the sell off - ING

Analysts at ING expect EUR/NOK to stabilise following last week's sell-off.

Key Quotes

“On the data front, the Sep Manufacturing PMI should be NOK supportive following the downside surprise to the Aug retail sales on Friday.”

“We also believe that some of last week’s NOK weakness was caused by long Scandies / short USD positions reaching stop loss levels following the move in EUR/USD lower. With EUR/USD stabilising, this channel should have a limited impact on NOK.”