EUR/NOK could test 9.63 highs if oil continues to edge lower - ING

Analysts at ING feel that NOK is cheap and could test 9.63 highs if oil continues to edge lower.

Key Quotes

“NOK is edging lower as oil prices search for a new equilibrium. That price for Brent is probably somewhere in the $45-50/bbl range, but volatility looks assured.”

“We still think NOK is cheap. But until a clearer picture emerges for crude in particular US shale production/rig counts really move lower - it looks hard to make a strong case for NOK right now. EUR/NOK could test 9.63 highs.”