6 Feb 2014
Flash: Housing data supporting NOK, for now - UBS
FXStreet (Córdoba) - The UBS analyst team commented that the NOK gained against major currencies on Wednesday, with EUR/NOK falling toward 8.46, but the krone could be exposed to near-term weakness.
Key Quotes
"The latest house price data for January showed a less pronounced fall of seasonally adjusted prices of late".
"Nevertheless, our economists expect a moderate correction on the housing market to continue throughout 2014. This should lead to continued slow economic growth".
"Since this increases the risk of a rate cut from the Norges Bank, the NOK could be exposed to further near-term weakness".
Key Quotes
"The latest house price data for January showed a less pronounced fall of seasonally adjusted prices of late".
"Nevertheless, our economists expect a moderate correction on the housing market to continue throughout 2014. This should lead to continued slow economic growth".
"Since this increases the risk of a rate cut from the Norges Bank, the NOK could be exposed to further near-term weakness".