- Analytics
- News and Tools
- Market News
- EUR/NOK: Higher oil prices provide scope for more downside - Nordea
EUR/NOK: Higher oil prices provide scope for more downside - Nordea
FXStreet reports that analysts at Nordea see room for further downside in EUR/NOK, given the current oil price around $70/bbl, but brief periods where the pair jumps higher cannot be excluded though.
“The key event for NOK last week was the OPEC+ meeting, at which the cartel member decided to keep production broadly unchanged. This was a better-than-expected outcome for oil prices, as it means that global oil inventories can continue to fall, thereby increasing the scope for higher prices both now and down the road. So NOK should continue to gain support from oil prices, both in the short-term and longer out.”
“We do see room for higher USD rates, and that makes us a bit hesitant to become super bullish on NOK in the short-term, as higher rates could have an adverse impact on the stock market and thereby also NOK. Hence, we cannot exclude brief periods where EURNOK jumps higher.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
