EUR/NOK to move back to 11.00 on a three-month view – Rabobank

Market news

16 August 2023

EUR/NOK to move back to 11.00 on a three-month view – Rabobank

Since the spring, the value of the NOK has improved. Economists at Rabobank analyze Krone’s outlook.

Selling EUR/NOK on rallies into the 100-DMA at 11.54

Failure to break below the 200-DMA at EUR/NOK 11.15 has resulted in a pop higher in the currency pair. The 100-DMA is positioned at the 11.54 level. We favour selling EUR/NOK on rallies into this resistance level in anticipation of a hawkish tone from the central bank on Thursday.

We expect a move back to EUR/NOK 11.00 on a three-month view on the assumption that the Norges Bank’s rate hiking cycle persists into the autumn.

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