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Turns Weaker On The Day

NOK

NOK turns weaker on the day against the EUR and USD, as Brent prices continue to reverse a small part of the Wednesday rally.

  • Oil prices remain supported by the instability in Israel, however Biden's appeal to delay a full Gaza invasion appears to have helped moderate prices this morning. These themes alongside wider cross-market flows have moved NOK more than this morning's credit conditions survey.
  • EURNOK is 0.4% off its intraday lows, now 0.2-0.3% higher on the day, while NOKSEK is broadly unchanged having approached parity in earlier trade.
  • Eyes now turn to the ECB decision in just over an hour.

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