Nordea: Norwegian Krone Supported Against Euro as NOK Flows Increase
Nordea strategist Sara Midtgaard notes that the Norwegian Krone weakened in June with EUR/NOK peaking near 11.35, but now sees limited further weakness amid increased NOK flows.
EURNOK
Nordea's Senior Macro and FX Strategist Sara Midtgaard comments on the Norwegian Krone (NOK), noting that the currency weakened in June, pushing EUR/NOK to a peak near 11.35. However, the analyst now sees limited further weakness, with NOK flows increasing and providing support against the Euro.
The outlook suggests that the recent depreciation may be contained, as inflows into NOK-denominated assets lend stability. The EUR/NOK pair's trajectory will likely depend on the persistence of these flows and broader FX market dynamics.
Source: FXStreet Forex News