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Accelerating Core CPI Provides Further Headache for Norges Bank

FOREX
  • NOK tops the G10 FX table following higher-than-expected CPI for June: core CPI accelerated sharply to 7.0% vs. Exp. 6.6% to print another cycle high and provide another headache for the Norges Bank, who likely now have to consider faster policy action at the August rate decision. EUR/NOK dropped sharply to touch 11.5424 before finding support at the 100-dma at 11.5295.
  • AUD sits at the other end of the docket, with the currency undermined by a pullback in Chinese-listed iron ore futures. As such, AUD/USD failed to consolidate any move above the 200-dma of 0.6698, keeping the pair inside the recent range of 0.6596-0.6705.
  • Outside of AUD and NOK, currency markets are more muted, with most major pairs respecting the post-NFP ranges. The USD Index holds close to last Friday's lows with 102.226 marking first support. Weakness through here would open losses toward 101.921 and levels not seen since May.
  • The Monday docket is typically quiet, with just US Wholesale Inventories and Canadian building permits on the schedule. The central bank speaker slate is busier: Fed's Barr, Daly, Mester and Bostic are on the calendar as well as BoE's Bailey and ECB's Herodotou.
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