Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
Back to CurrenciesBullish
USD/NOK
Bullish NOK on high yield, improving flows, and regional fiscal tailwinds. Norge
GS Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
High yield status
Norges Bank on hold
Cheap valuations
European fiscal tailwind
All Firm Targets (Dec '26)
GSBullish9.50
JPMBullish9.42
MSBullish9.40
MUFGBullish9.40
BARCBullish9.40
BofABullish9.35
DBStrongly Bullish9.15
INGVery Bullish9.10
Analysis Summary
Bullish NOK on high yield, improving flows, and regional fiscal tailwinds. Norges Bank likely to stay on hold, preserving yield advantage. NOK remains one of cheapest G10 currencies on valuation metrics. A prime beneficiary of European growth re-acceleration.