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9 Jun 2014
EUR/NOK seen at 8.00 in three months - UBS
FXStreet (Córdoba) - The UBS analyst team notes that solid Norwegian data is helping to underpin the NOK and so forecasts the EUR/NOK to at 8.00 in 3 months.
Key Quotes
“The important Q2 Regional Network Survey by the Norges Bank indicated slightly stronger economic growth six months ahead than in last quarter's survey. This fits our view of annualized growth close to 2% throughout this year”.
“Given this and inflation close to 2%, the Norges Bank thus stands in contrast to the ECB, which now has a very clear easing bias, whereas the Norges Bank has a slight hawkish tilt, if anything”.
“We thus stick to our forecast of EUR/NOK at 8.00 in three months”.
Key Quotes
“The important Q2 Regional Network Survey by the Norges Bank indicated slightly stronger economic growth six months ahead than in last quarter's survey. This fits our view of annualized growth close to 2% throughout this year”.
“Given this and inflation close to 2%, the Norges Bank thus stands in contrast to the ECB, which now has a very clear easing bias, whereas the Norges Bank has a slight hawkish tilt, if anything”.
“We thus stick to our forecast of EUR/NOK at 8.00 in three months”.