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EURO-NOK
EURO-NOK: Danske Bank note that "souring risk sentiment, a deflated value
rotation and the sharp drop in oil prices have made the reflation trade in FX
space come to an abrupt halt. For NOK near term, it will be all about the
external environment and with worsening liquidity the risk is for a test of
NOK11.00 in EUR/NOK. In particular, we emphasise the danger of trying to catch
the falling NOK-knife before the global environment improves. Hence, we
recommend a cautious stance near term, even if our base case is for a stronger
NOK over the coming months on not least Norges Bank's NOK buying."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com