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EUR/NOK Inches to New Lows on Oil Support

NOK
  • NOK, yesterday's poorest performer, now the strongest in G10, with EUR/NOK edging to new lows at typing. Moves coincide with an inching higher of the Brent crude price, which now sits just shy of the best levels of the week having erased the entirety of the early Tuesday decline.
  • Support seen layered below the EUR/NOK price headed into tomorrow's CPI release, with downside levels at 11.1483-11.0965, capturing a key Fib retracement, the 200-dma as well as the Jul25 low.
  • Thursday's CPI-ATE is expected to slow to 6.4% from a cycle high of 7.0% in July, which would mark the first deceleration in underlying inflation since February and only the fourth in close to two calendar years. The Norges Bank’s forecast error for June inflation was significant – and followed previous forecast errors that drove the bank to re-accelerate the tightening cycle to ‘double’ hikes of 50bps in June. Full preview here: https://marketnews.com/inline-cpi-ate-would-secure...
  • Any fresh oil impetus likely a key short-term driver, with today's DoE inventories in focus.
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