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Oil supports the NOK

  • Another spin cycle for Cable, after paring some of it's earlier gains an hour ago, now seems to be finding some buying interest, but the pair remains well within that 1.2600/1.2700 range.
  • The Dollar is still mixed in G10, NOK is the best performer up 0.35%, supported by the rally in Oil, with the latter aided by the heightened tensions in Gaza.
  • Worst performer is still the Yen, down 0.42%, but the key resistance of 150.89 is still untested, now exchanging hands at 150.60 in USDJPY.
  • EURUSD still trades in a very tight 26 pips range, with focus on the 1.0800 level, where 1.35bn worth of Option is set to expire today, may act as a magnet.

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