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NOK Outperforms G10, NOKSEK Eyes Key Resistance

SCANDIS
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Scandis continue to outperform the G10 this morning, aided by the softer USD and firmer European equities.

  • NOK also appears to find support from Brent crude’s recovery, even though oil futures remain short of Wednesday’s high.
  • EURNOK is down 0.4% today, at its lowest level since late March. The 200-day EMA at 11.5153 provides the first support.
  • NOKSEK also finds itself at an interesting technical juncture, trading just short of the Jan 29 high at 1.0066.
  • Clearance of this level would coincide with a breach of a trendline drawn from the August 2022 high, and strengthen a bullish condition.
  • However, there are few notable Norwegian/Swedish data releases for the remainder of this week (Swedish PPI tomorrow is unlikely to be a market mover),
  • As such, it may require an idiosyncratic catalyst, such as an extension of oil’s recovery, to provide additional upside impetus for the NOKSEK cross.

Source: Bloomberg

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Scandis continue to outperform the G10 this morning, aided by the softer USD and firmer European equities.

  • NOK also appears to find support from Brent crude’s recovery, even though oil futures remain short of Wednesday’s high.
  • EURNOK is down 0.4% today, at its lowest level since late March. The 200-day EMA at 11.5153 provides the first support.
  • NOKSEK also finds itself at an interesting technical juncture, trading just short of the Jan 29 high at 1.0066.
  • Clearance of this level would coincide with a breach of a trendline drawn from the August 2022 high, and strengthen a bullish condition.
  • However, there are few notable Norwegian/Swedish data releases for the remainder of this week (Swedish PPI tomorrow is unlikely to be a market mover),
  • As such, it may require an idiosyncratic catalyst, such as an extension of oil’s recovery, to provide additional upside impetus for the NOKSEK cross.

Source: Bloomberg