Economists at Nordea expect EUR/NOK to trade around 12.30 during the summer, with more NOK weakening likely.
We believe the NOK roller coaster ride will continue during the summer and see EUR/NOK trading around 12.30 during the summer. However, higher moves cannot be excluded.
We believe that NOK will be less weak towards year-end than during the summer. One reason for our view is that gas prices are likely to rise during the winter, implying higher NOK purchases from oil companies.