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NOK: Danske Recommend Buying EURNOK Spot

NOK

Danske Bank have issued a new tactical trade recommendation to buy EURNOK spot at 11.3880 with a soft target of 11.85 and a hard stop-loss of 11.15.

  • They note that the trade is tactical in nature but has strategic potential.
  • Danske question the sustainability of the recent NOK rally and note that “NOK is beginning to technically look overbought and the import weighted NOK FX is now stronger than Norges Bank’s forecast, which makes a September rate cut look increasingly likely”.
  • “Finally, we are of the view that the combination of elevated wage growth and negative productivity growth in Norway marks a substantial medium-term headwind for the currency”.
  • “The biggest risk to the trade is a broad based rally in cyclically sensitive assets, possibly driven by the combination of a more resilient global economy and softer rhetoric from central banks”.
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