The volatile and bumpy ride in NOK is likely to continue in the short term and we see EUR/NOK trading around 12.00 during the summer.

While we remain bearish on the NOK in the short-term, we believe that NOK will be less weak towards year-end than during the summer (we see EUR/NOK around 11.50 at end-2023). One reason for our view is that gas prices are likely to rise during autumn/winter, implying higher NOK purchases from oil companies.