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NOK Advances on 3% Gain for Oil Prices

FOREX
  • The single currency is the poorest performer, sliding against all others in G10 amid general risk-off themes. EUR/USD is off the session's lows, however, with Monday's 1.0520 print not troubling the post-payrolls low of 1.0483 printed on Friday.
  • Oil markets are on the front foot in the wake of renewed unrest in the middle-east. The Israeli military have called up 300,000 reservists, in the largest draft on record for the territory. Clashes and strikes are expected to continue for the foreseeable future, reflected in the elevated Brent and WTI crude futures price. Both oil grades are higher by ~3% apiece, paring a decent part of the sharper losses suffered last week. Resultingly, oil-tied currencies are firmer, with NOK the best performing currency in G10. USD/NOK trades comfortably back below the 11.00 handle, with 10.8408 marking next support.
  • Markets are expected to remain muted Monday, with the market holiday in the US keeping cash Treasury markets closed. However, there are limited openings across equity and commodities markets. Unsurprisingly, data releases are few and far between, with Wednesday's US PPI release the next notable datapoint.
Energy BulletsCommodities
Energy BulletsCommodities

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