EUR/NOK: More downside – Danske Bank
|EUR/NOK continues to feel heavy even on days with limited news flow and flat-to-sour risk appetite, according to Danske Bank.
Key quotes
“Tuesday’s revised fiscal budget showed a further rise in the estimated NOK buying need of NOK37.5bn.”
“We expect the NOK buying amount to rise substantially later this month when the government is likely to present a phase-3 stimulus package.”
“As long as COVID19 news does not sour significantly, we favour more EUR/NOK downside.”
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