EUR/NOK seen falling to 11.00 next year and 10.50 in 2025 – Nordea

The events over the past two days make economists at Nordea more confident that the NOK will strengthen ahead, after an abysmal 2023.

USD/NOK will likely continue to come down in the months to come

The events of the last few days likely will mark the turning point for the weak NOK that we have had in the past two years. We thus have increased confidence of EUR/NOK falling to 11.00 next year and 10.50 in 2025 and we believe these levels could be in sight even sooner than we expected. Our latest call was for 11.00 by end-2024 and 10.50 at end-2025 but we would likely need to revise these in the coming days. 

USD/NOK will likely continue to come down in the months to come and we see USD/NOK below 10.00 next year.