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USD fades, Norges Bank delivers

FOREX
  • The Dollar was in the green against all the majors, a continuation from the overnight session.
  • The Greenback extended gains on the European Govie open, with selling going through in Equity futures.
  • Cross assets have since reversed some of the early price action, and the bounce in Equity, has seen market participants fading some of the USD strength.
  • Main early event for the Norges bank rate decision, which saw the expected 50bps hike to 1.75%.
  • Part of the Policy statement: "Based on the Committee’s current assessment of the outlook and balance of risks, the policy rate will most likely be raised further in September".
  • Broader base of NOK buying went through, and USDNOK has fully reversed the initial move higher, to trade through the session low.
  • USDNOK is nonetheless still trading yesterday's range and off the lows at the time of typing.
  • Looking ahead, US Existing home sales and Leading index are the economic releases.
  • Fed George and Kashkari are the scheduled speakers.
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