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Market News Topics
March 23, 2022 18:05 GMT
NOK Hits Cycle High as Focus Switches to Rate Path
FOREX
- GBP was Wednesday's poorest performer, reversing a large portion of the strength seen across the Tuesday trading day. Having found resistance at the 1.33 handle overnight, the pair promptly reversed, settling either side of the 1.32 handle after the London close. The break higher earlier in the week strengthens the current bull cycle and signals scope for a climb towards the 50-day EMA at 1.3349. This EMA is seen as a key short-term resistance.
- JPY traded poorly across Asia-Pac hours, resulting in a new cycle high print at Y121.41. This confirms a resumption of the uptrend and strengthens bullish conditions. The focus shifts to 121.69 next, the Jan 29 2016 high, but there are increasing signs of discomfort at the BoJ, but its options for addressing the depreciation are narrowing as downside risks to the economy grow, leaving it to rely on verbal intervention in concert with the Ministry of Finance, MNI understands.
- Elsewhere, a return higher for oil prices worked in favour of commodity tied currencies, pushing the likes of CAD and NOK to the top of the G10 leaderboard. WTI and Brent crude futures added close to 5% apiece as markets watched an unexpectedly large draw in DoE crude oil reserves, twinned with Russia's renewed demands that 'hostile' countries must pay for Russian gas in RUB, rather than the pre-agreed foreign currencies.
- USD/NOK broke below the early February lows in response, putting the pair nearer to the January YTD low at 8.6293, which marks the first key downside level. Moves come ahead of Thursday's rate decision, at which Norges Bank are seen tightening policy rates and indicating a faster pace of tightening in the coming 24 months.
- Focus Thursday turns to rate decisions from the Swiss, Norwegian, South African and Mexican central banks, all of which are coming under pressure from accelerating domestic inflation rates. Weekly US jobless claims data also crosses as well as preliminary March PMI numbers. Central bank speakers include Fed's Bullard, Kashkari, Waller, Evans and Bostic as well as ECB's Elderson & Schnabel and BoE's Mann.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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