The EUR has clawed back some of its recent losses vs. the NOK in recent weeks. However, economists at Rabobank expect the EUR/NOK pair to grind lower towards 9.50 the next quarter.

Eurozone economy is faced with more risks than the Norwegian

“Due to energy security, the eurozone economy is faced with more risks than the Norwegian. Additionally, wage inflation and over-heating risks are larger for Norway.”

“We expect EUR/NOK to continue to trend lower in 2022. We see scope for a move back to the 9.50 area on a three-month view.”