Economists at Nordea expect more short-term pain for the Norwegian Krone and the Swedish Krona before they strengthen.

Stronger scandi currencies in the long run

“In the short-term, we have kept our forecast for EUR/NOK and EUR/SEK still looking for a weaker EUR/NOK and the EUR/SEK to remain weak as risk-sentiment is likely to deteriorate.” 

“Longer out, we see a Chinese reopening and central banks pausing their rate hikes after the historic rate hiking cycle in 2022 as supportive for both the NOK and SEK.”