NOK to reach record low; DKK “trumps” central target

After recently changing our Norges Bank forecast, we now expect the NOK/EUR to fall to a record-low of 10.50 by end-2019. Meanwhile, next week we expect a raft of Q2 GDP data to show that while growth accelerated in Norway and Denmark it flat-lined in Finland, and Iceland probably took its first step towards recession. And the CBI’s new Governor is unlikely to stop it from cutting rates next Wednesday.