We review the outlook for NOK after the OPEC meeting today.
Oil prices plunged 5% after OPEC announced 9M extension of supply cuts pushing EUR/NOK up to 9.42
NOK focus now turns to tug of war between upbeat domestic economic developments and a concerning global business cycle outlook.
We maintain a cautious tactical view on the NOK even if from a 6-12M perspective we see strategic value in gradually building up long NOK exposure.
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