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NOK/JPY Slides Near 4% In Sharpest Loss Since COVID

NOK
  • NOKJPY the most notable mover in cross G10, with the rate slipping to new multi-year lows of 12.2255 in recent trade, with support at the late 2021 levels of 12.2552 now wholly cleared.
  • Move opens next leg lower toward the 2021 clustered lows at 12.0157/12.0413 with the cross caught between risk-off flow into haven currencies as well as the souring oil price, as WTI and Brent crude futures slip 6.5% apiece.
  • The downside for oil markets picked up following the IEA report this morning (sees oil market in surplus across H1) as well as the DoE inventories data which showed a larger build in inventories than forecast.
  • NOKJPY has dropped near 3.9% on the session so far, the sharpest daily loss since the onset of the COVID pandemic.
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