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NOK: Weaker As Last Week’s Norges Bank Strength Unwinds

NOK

NOK trades weaker against the G10 basket. The moves appear to represent an unwind/profit-take of last week’s post-Norges Bank strengthening, while the more recent turn lower for Brent crude futures will be contributing to the underperformance.

  • After failing to test support at 11.2517 (Jan 12 low) on Friday, EURNOK is 0.3% higher, with the first resistance seen at 11.4367 (the 20-day EMA).
  • The cross has now unwound essentially all of last week’s Norges Bank-driven selloff.
  • SEB note that NOK seasonality against the EUR and USD has historically been at its most positive in July/August, before turning less supportive in the autumn.
  • The Norwegian data calendar picks up at the end of the week, with retail sales, unemployment and Norges Bank FX purchases due on Friday.
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