FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

USD/NOK Finds Support Ahead of 50-dma

NOK
  • USD/NOK finding some support in early Monday trade to partially reverse the solid pullback noted across Weds - Fri last week. Much of the NOK rally following the higher-than-expected Norwegian Core CPI read last week - setting up the Norges Bank for not only a further rate hike next week (June 22nd) but also a sizeable upgrade for their inflation and rate path projections across the coming quarters.
  • Consensus looks for a 25bps step to 3.50% next week, but some hawkish outliers are coming through. DNB last week upgraded their NB view to a 'double' hike of 50bps - a pace last seen in Summer last year and at the first phases of the tightening cycle.
  • USD/NOK has bottomed out ahead of the 50-dma support at 10.7228, while EUR/NOK maintains the break below that key level of 11.6680 - which marked the first print below the level since December last year.
  • GDP data takes focus next, with markets expecting mainland M/M GDP to slow to 0.1% from 0.5% in tomorrow's release.
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange BulletsNorges Bank Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.