Economists at ING expect the Norwegian Krone to recover in the second half of the year and forecast EUR/NOK below 11.00 by end-2023.

Norges Bank might come to the Krone's rescue

“Norges Bank tightening is falling short of supporting NOK, and while larger cuts to daily FX purchases look warranted in June, it now seems increasingly likely that NB will need to raise rates beyond the projected summer peak of 3.5%.”

“We still expect volatility and vulnerability in the Krone in the near term, but then a recovery in the second half of the year.”

“EUR/NOK should be able to sustainably return below 11.00 by year-end.”