NOK is expected to be able to hold its own against EUR and USD in the coming
days and weeks, particularly if the situation in financial market calms down.
"Even if the NOK is unable to completely detach itself from financial market
sentiment, it is a convincingly solid currency in particular compared with the
problem children EUR and USD," says the bank. It adds EUR/NOK could target the
lows of early August at 7.66 and 7.6350, respectively. "Investors should
nonetheless not lose sight of the fact that in case of a rapid rise in risk
aversion, the NOK could also come under pressure again pretty quickly." EUR/NOK
trades 7.6979
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