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25 Sep 2015
NOK bearishness to persist in the medium term – TDS
FXStreet (Edinburgh) - Strategists at TD Securities have assessed the prospects for the Norwegian krone following the recent rate cut by the Norges Bank.
Key Quotes
“This should reignite the NOK's weakening trend on a broad basis and we may trade above the latest cycle highs in EURNOK (9.5563) with a view to challenging last December's peak (9.8906)”.
“Interestingly, NOKSEK broke through the parity mark on the back of the Norges Bank's decision which has been one of our key FX targets for this year. We think this cross is likely to head lower from here. The Dec low (0.9774) now looks vulnerable to a re-test over the next few weeks while an extension to the 0.95 region does not appear unreasonable to us”.
“Given Riksbank is likely to only match further ECB easing tit for tat, while Norges needs to add net more, it is increasingly likely we set new lows in NOKSEK before year-end”.
Key Quotes
“This should reignite the NOK's weakening trend on a broad basis and we may trade above the latest cycle highs in EURNOK (9.5563) with a view to challenging last December's peak (9.8906)”.
“Interestingly, NOKSEK broke through the parity mark on the back of the Norges Bank's decision which has been one of our key FX targets for this year. We think this cross is likely to head lower from here. The Dec low (0.9774) now looks vulnerable to a re-test over the next few weeks while an extension to the 0.95 region does not appear unreasonable to us”.
“Given Riksbank is likely to only match further ECB easing tit for tat, while Norges needs to add net more, it is increasingly likely we set new lows in NOKSEK before year-end”.