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Little Changed Today; Norges Bank Decision Tomorrow

NOK

NOK is little changed versus the G10, even with Brent Crude futures over 1% lower today.

  • Our commodities team notes that Crude is pressured by the stronger USD ahead of today's Fed meeting, but the front contract remains above Wednesday's lowest levels.
  • EURNOK continues to trade toward the top of the bull channel top drawn from the Dec 27 '23 low.
  • A dovish-leaning Norges Bank decision tomorrow (e.g. a more concrete signal that the first rate cut may come earlier than currently implied by the rate path) could see the cross breach the top of that channel at 11.6034.
  • Our full Norges Bank preview is here.

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