Economists at Nordea analyze Norwegian Krone’s (NOK) outlook for the months to come.

Norges Bank is highly unlikely to start cutting rates before the Fed and ECB

Norges Bank is highly unlikely to start cutting rates before the Fed and ECB. With small shifts in interest rates toward the summer, we see EUR/NOK rangebound in the 11.20-11.50 area. 

When rates abroad are lowered during the second half of 2024, we see NOK faring better and expect EUR/NOK to reach 11.00 by the end of 2024.