Listen to the market mood for the EURNOK currency pair in the coming session:
The EUR has bearish outlook and Angela Merkel’s CDU is without a transition plan after the resignation of Annegret Kramp-Karrenbauer. Germany is also being exposed to any weakness in China’s economy resulting from the coronavirus.
The NOK is seeing strength after a significantly stronger than expected inflation reading yesterday. A rise in fish prices has also been supporting NOK and the recovery in oil prices this AM.
Therefore, expect EURNOK sellers at pullbacks.
Risks to this outlook
Any positive data for the EUR (though no major data is scheduled today) and any sharp sell-off in oil prices will invalidate this outlook.