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Commodity Price Action Supports Krone

NOK

NOK outperforms the G10 alongside CHF, with this afternoon’s oil and gas price action providing support.

  • An unplanned outage at the Norwegian Nyhamna gas processing facility prompted a brief rally in TTF futures earlier, buoying the NOK even after the rally in Nat-Gas futures faded.
  • A subsequent extension higher in oil futures provided further upside momentum. Our commodities team has highlighted a technical break in the August Brent crude contract (the May 29 high at $84.72/bbl) alongside a broader recovery in diesel margins this month as drivers.
  • EURNOK is 0.6% lower at typing, with the June 12 at 11.3623 the first support.
  • The Norges Bank decision on Thursday headlines this week’s domestic calendar. We don’t expect a major market reaction to the decision, with a hold in rates and an upward rate path revision firmly embedded in consensus.
  • Our full preview can be found here.
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