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- EUR/NOK to dip below 10.00 in the new year after brave rate hike from Norges Bank – ING
EUR/NOK to dip below 10.00 in the new year after brave rate hike from Norges Bank – ING
Norges Bank has decided to increase the key rate to 0.50% at today’s meeting. The krone looks attractive and analysts at ING expect EUR/NOK to find its way below 10.00 in the new year.
Norges Bank remains bullish factor for NOK
“The Bank has kept its interest rate projection essentially unchanged from September, and if anything has nudged up the terminal rate for 2024. That now sits at 1.75% (from 0.5% now), and policymakers are projecting three rate rises next year, with the first expected in March.”
“The spread of Omicron and its potential implications for the global economy and energy markets will make for a challenging period for the high-beta NOK in coming weeks. But the notion that Norges Bank is currently by-and-large overlooking new covid-related risks and remains on track for its 2022 tightening cycle is likely to keep NOK an attractive currency in periods of calm risk sentiment.”
“We expect EUR/NOK to find its way below 10.00 in the new year, and we target 9.60 for 4Q22.”
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