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NOK Hit By Oil Rout Linked To Spread Of New Coronavirus Mutation

NOK

The Nokkie has taken over as the worst performer in G10 FX space, as a slide in crude oil prices coupled with tight liquidity conditions in the Asia-Pac session have weighed on the currency.

  • Crude oil took a hit from the spread of a new, more infectious coronavirus strain across the UK as well as resultant lockdown measures enacted in the UK and bans on inbound travel from the UK implemented by a number of countries in mainland Europe.
  • EUR/NOK last sits at NOK10.6056, ~880 pips better off. A break above the 100-DMA at NOK10.7411, which capped gains on Dec 11, would bring Dec 7 high of NOK10.7797 into play. Bears look for a retreat under Dec 17 low of NOK10.4917.
  • USD/NOK last at NOK8.7031, ~1200 pips higher. Above NOK8.8000/13, which represent a round figure/23.6% recovery of the Nov 2 - Dec 17 slide, would open up Dec 11 high of NOK8.8708. Conversely, a dip through Dec 17 low of NOK8.5520 would allow bears to regain control.
  • Norges Bank Gov Olsen speaks later today, Norwegian unemployment rate (AKU) hits the wires on Tuesday.
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