EUR/NOK still has the 10.70 mark in its crosshairs – Credit Suisse

Economists at Credit Suisse continue to target 10.70 in EUR/NOK as exposure to the recessionary risks likely outweigh the benefits of NOK’s energy exporter status.

New headwinds emerge

“NOK price action through the local oil and gas strike gyrations highlight a key weakness for the currency: exposure to the recessionary risks in the EU now likely outweigh the benefits of NOK’s energy exporter status.”

“We continue to target 10.70 in EUR/NOK.”