EUR/NOK: Krone to outperform in H2 on risk sentiment improvement and solid fundamentals – ING

Market news

8 June 2023

EUR/NOK: Krone to outperform in H2 on risk sentiment improvement and solid fundamentals – ING

EUR/NOK is up by around 12% YTD and 17% YoY. Economists at ING discuss Krone’s outlook.

Short-term woes

We are not ready to call for a reversal of the NOK bearish trend in the near term.

External factors need to favour a NOK recovery before any domestic factors can seriously become part of the equation.

A re-softening of the Dollar, and prevalence of the European growth story over the US one, paired with pre-emptive easing by the Fed in late 2023 could combine to generate a more benign environment for the Krone in the second half of the year.

Currencies. Daily history for Thursday, June 8, 2023

Commodities. Daily history for Wednesday, June 7, 2023

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