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NOK Rolls Higher as Norges Bank Err Hawkishly

FOREX
  • NOK is comfortably the best performer across G10, with EUR/NOK fading to the 100-dma at 10.1197 as the Norges Bank proceeded with a 25bps rate hike despite some outside expectations that the Bank could stand pat given the looming omicron risks. Not only did the bank raise rates, but they also name-checked March as the next most likely point at which the bank would tighten further, underpinning today's NOK strength. Elsewhere, the SNB kept policy unchanged - as expected.
  • The USD Index remains weaker ahead of the NY crossover, with the USD holding post-Fed losses as Powell painted a particularly confident picture of the US economy headed into 2022.
  • The JPY is the poorest performer so far in G10, moving against the general strength in equities posted following the Federal Reserve rate decision late yesterday. This keeps resistance at 114.26 in view, as well as the 114.38 level - marking the 61.8% Fib for the late November downtick.
  • Focus turns to the looming BoE and ECB rate decisions. A small - but not insignificant - minority of analysts see the Bank of England raising rates at today's decision, but the majority see the BoE unchanged in the face of omicron risks.
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