High oil prices and strong fundamentals support Norwegian krone
ING says the Norwegian krone may strengthen further as elevated oil prices and supportive fundamentals outweigh weaker liquidity conditions.
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what happened
The Norwegian krone could continue to gain as economic fundamentals remain favorable and oil prices stay elevated, ING analysts said in a note, according to Dow Jones Newswires. They said neither a rapid de-escalation of the conflict in the Middle East nor a sharp drop in oil prices appears imminent at this stage. The analysts also pointed to Norway’s status as a major oil and gas producer.
The krone is additionally benefiting from a weaker euro amid concerns over French fiscal policy, ING said. That support is offsetting the effect of a less favorable liquidity environment. The euro is down 0.1% at 10.6921 kroner after earlier touching a one-month low of 10.6835. ING expects the pair to reach 10.65 in one month and 10.50 in 12 months.
why it matters
For currency markets, the assessment highlights continued support for the Norwegian krone from elevated oil prices, Norway’s role as an energy producer and euro weakness. ING also identifies deteriorating liquidity conditions as a countervailing factor.
instruments
sources
- Elevated Oil Prices, Strong Fundamentals Should Keep Norwegian Krone Supported — Market Talk — Dow Jones Newswires, 12 October 2026 at 13:28 UTC
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