12 Aug 2015
NOK expected to grind lower on oil concerns – BAML
FXStreet (Edinburgh) - The prospects for the Norwegian krone remain bearish in light of the ongoing jitters hovering over crude oil prices.
Key Quotes
“We adjust our NOK forecasts lower to reflect market moves as well as our commodity colleagues’ lower oil price forecasts”.
“Given seasonal demand weakness, renewed USD strength, negative macro news around China as well as the new Iran deal, our commodity team recently lowered their end-of-3Q15 target to $50/bbl for Brent, with an end of year target at $59/bbl”.
“We target EUR/NOK at 8.85 in Q3 and 8.70 by year end. Oil uncertainties are high however, introducing increased uncertainty around our forecast path”.
Key Quotes
“We adjust our NOK forecasts lower to reflect market moves as well as our commodity colleagues’ lower oil price forecasts”.
“Given seasonal demand weakness, renewed USD strength, negative macro news around China as well as the new Iran deal, our commodity team recently lowered their end-of-3Q15 target to $50/bbl for Brent, with an end of year target at $59/bbl”.
“We target EUR/NOK at 8.85 in Q3 and 8.70 by year end. Oil uncertainties are high however, introducing increased uncertainty around our forecast path”.