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NOK: Supported By Oil And Risk Backdrop

NOK
BulletForeign Exchange Bullets

NOK outperforms G10 peers, drawing support from the rally in crude oil futures.

  • An incident between Israeli and Egyptian troops has fed into the recent uptick in oil, though broader focus remains on the June 2 OPEC+ meeting.
  • Slightly firmer European equities and the softer USD environment will be helping risk-sensitive currencies, with the SEK, NZD and AUD also performing well.
  • EURNOK is 0.7% lower at typing, now around 2% lower than levels seen at the start of last week.
  • Meanwhile, NOKSEK’s recent rally (+0.3% today) resulted in a technical breakout last week (see here).
  • This week’s Norwegian data calendar is not expected to have a meaningful impact on the Norges Bank’s upcoming meeting (June 20), but the recent strengthening of the krone should weigh on the updated rate path presented at that gathering (acting as a ‘dovish’ input at the margin).
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NOK outperforms G10 peers, drawing support from the rally in crude oil futures.

  • An incident between Israeli and Egyptian troops has fed into the recent uptick in oil, though broader focus remains on the June 2 OPEC+ meeting.
  • Slightly firmer European equities and the softer USD environment will be helping risk-sensitive currencies, with the SEK, NZD and AUD also performing well.
  • EURNOK is 0.7% lower at typing, now around 2% lower than levels seen at the start of last week.
  • Meanwhile, NOKSEK’s recent rally (+0.3% today) resulted in a technical breakout last week (see here).
  • This week’s Norwegian data calendar is not expected to have a meaningful impact on the Norges Bank’s upcoming meeting (June 20), but the recent strengthening of the krone should weigh on the updated rate path presented at that gathering (acting as a ‘dovish’ input at the margin).