EUR/NOK is trading above the 10.20 mark. Economists at Commerzbank expect the pair to move back lower and dip under 10.

Concerns about a gas crisis is putting pressure on NOK

“I continue to assume that NOK will principally appreciate with EUR/NOK easing back below 10.”

“The negative market sentiment due to concerns about a gas crisis is putting pressure on NOK though. These concerns are likely to persist until it becomes clearer how Europe is going to get through the winter. As a result, NOK might only appreciate more notably during the later course of the year.”