Further rangebound ahead for EUR/NOK – Danske Bank

The cross is expected to remain sidelined for the time being, according to Morten Helt, Senior Analyst at Danske Bank.

Key Quotes

“The weekly flow data from Norges Bank showed that foreign banks (proxy for speculative flows) last week were side-lined in NOK FX”.

“Our expectation is that they will remain so until the very end of this month/beginning of August, which at that time will contribute to a lower EUR/NOK”.

“In the meantime, we expect the cross to continue range trading”.