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Outperforms G10 As Crude And Yields Provide Support

NOK

The NOK outperforms the G10 as cross-currents from today's brent crude firmness and the latest reversal in global core FI yields provide support.

  • EURNOK is -0.7% lower today at 11.3944, having pushed through the 50-,100- and 200-day EMAs. The 20-day EMA at 11.3942 may provide a base intraday.
  • A close at current levels would retrace all of this week's gains, and mark the first session in 9 that the cross has closed lower.
  • The SEK is also performing strongly vs the G10, limiting NOKSEK's move higher to 0.4% at typing.
  • Brent crude is almost 2% firmer today - our commodities team has not noted any clear drivers for today's price action.
  • Meanwhile, the latest reaction to mixed US manufacturing survey data has seen European and US FI yields move to intraday lows.
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