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Crude Extension Helps NOK Outperform SEK

SCANDIS

NOK outperforms the SEK this morning, aided by the 1.2% rise in Brent crude futures today.

  • Our commodities team points to potential supply disruptions amid further attacks on Russian energy infrastructure and ongoing Middle East tensions as drivers of the latest crude moves.
  • NOKSEK is 0.1-0.2% higher today but still well within yesterday's range.
  • The cross found support around 0.9714 yesterday (61.8% retracement of the Dec 13 - Jan 29 rally) and this level remains the first support.
  • Tomorrow is highlighted by domestic risk events: Swedish February CPI (0700GMT/0800CET) and the Norges Bank's Regional Network Survey (0900GMT). The latter will be a key input for the Norges Bank ahead of next Thursday's monetary policy meeting.

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