The supply side of energy markets is tight. This has been an important pillar in our long-term bullish view on NOK. Meanwhile, with the global growth slowdown continuously postponed (not cancelled) we think our bullish call on NOK may take considerably longer to play out than previously envisioned. 

Consequently, we lift the longer-end of our forecast profile. We maintain an upward sloping profile for EUR/NOK in the coming months before we pencil in a move lower on both EUR weakness and the NOK making a comeback.

Forecast: 11.80 (1M), 11.80 (3M), 11.60 (6M), 11.20 (12M)