EUR/NOK to be unchanged by end of 2015

Despite the dovish Norway rate path, there is more positivity than the Central Bank on the Norwegian economy ahead and that the June cut was the last in this cycle. NOK will gradually strengthen again vs EUR in particular.

Bank of America forecasts EUR/NOK at 8.40 by the end of the quarter and 8.30 by end-2015.

A renewed sharp decline in oil prices is the obvious risk causing more aggressive action from the Norges Bank and pushing NOK to weaker levels than forecast. 
Deterioration in global growth would also feed into a weaker NOK.