NOK: Taking a breath after the sell-off - ING

In line with SEK, analysts at ING expect NOK to stabilize following the sell-off over the previous weeks.  

Key Quotes

“We don’t expect this month’s highs of EUR/NOK 9.8000 to be breached. Given the NOK’s weakness, we see scope for somewhat more hawkish NB meeting later in December, providing some caution NOK.”

“On the data front, we except Nov Manufacturing PMI (Fri) to rise again, mirroring the strong PMIs in the EZ. Oct retail sales (Thu) should increase while the unemployment rate (Fri) should remain at 2.4%. All this should provide some marginal support to NOK.”