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Nordea See Little Likelihood of Full Stop for NOK Sales

NORWAY
  • Following the Norges Bank FX buying announcement - Nordea write that the outcome was lower than they had expected and lower than implied by the latest petroleum tax estimated which were announced today.
  • They add that NOK sales will stay high towards year-end and a full stop of NOK sales is not on the horizon, despite some pundits calling for a complete stop to NOK sales , but that is unlikely to happen, in part because it would lead to tightening structural liquidity in the Norwegian money market and an even higher NIBOR premia.
  • They remain bearish on the NOK in the short-term and believe that NOK will be less weak towards year-end than during the summer (we see EURNOK around 11.50 at end-2023).
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