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Pressured As Oil Futures Fall 2%

NOK

NOK pressured to trade among the poorest performers in G10 this morning (alongside AUD) by the downtick in oil futures, as NOKSEK breaches the June 23 low of 0.9831 to sit 0.6% lower today. The March 21 low of 0.9725 is the next level eyed on the downside, as moving average studies remain in a bear-mode position.

  • EURNOK and USDNOK move 0.7% and 0.9% higher respectively, with the former eyeing the March 5 high of 11.9491 on the upside.
  • Risk sentiment and oil remains the most likely driver for NOK ahead of Friday's inflation release (one of only 2 remaining CPI prints before the December policy meeting and fresh set of path projections). A lower than expected October CPI could result in markets pricing out a December hike, posing renewed risks to NOK.
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