- Analytics
- News and Tools
- Market News
- EUR/NOK to hover around 9.50-9.95 as oil prices underpin the krone – Credit Suisse
EUR/NOK to hover around 9.50-9.95 as oil prices underpin the krone – Credit Suisse
The Norwegian krone has managed to rally against most majors in the past two weeks despite Brent crude selling off 10% in the same period. Strategists at Credit Suisse lower their EUR/NOK target range to 9.50-9.95.
Oil prices will remain the key determinant of NOK price action
“In the near-term, we struggle to see a catalyst for an idiosyncratic pullback in energy prices. As such, Norway’s oil exposure looks to continue to be a tailwind for NOK.”
“Disruptions to Russian energy supplies, the looming threat of EU sanctions, and attacks on Saudi oil facilities all suggest oil supply will remain tight. In absence of any indication of resolutions for the aforementioned issues, we are biased to expect more EUR/NOK downside in the near-term.”
“We lower our EUR/NOK target range to 9.50-9.95, from 9.70-10.15 previously.”
© 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
