Bloomberg News

Norway Krone Has Potential to Test Record Against Euro, Danske Bank Says

March 12, 2012

The euro-Norwegian krone exchange has potential for “further weakness” to 7.2165 per euro, the 2003 record, Danske Bank A/S (DANSKE) said in a weekly technical update.

“Since late January the market has continued to weaken, hitting both our objectives at 7.4880 and 7.4330,” the Copenhagen-based lender said in a report. “The fresh multiyear low currently lies at 7.3925 on March 5. Despite these levels being reached, the medium- to longer-term outlook remains negative and there is a risk the market could possibly even accelerate on the downside as the phase matures.”

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