Norway: Too early to call the NOK bottom – Danske Bank

A strong response from policymakers over the last days has been seen but for NOK it’s all about global risk appetite and the oil price, according to analysts at Danske Bank. EUR/NOK trades at 11.40. 

Key quotes

“The government’s proposed NOK100bn worth of liquidity support to Norwegian enterprises limits the downside risks to the Norwegian economy significantly, but NOK weakened substantially in the opening hours as a response to the global news flow over the weekend.” 

“We still think it is too early to call the NOK bottom.”