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USD/NOK Slips as Local Rates Recover Ahead of Next Week's Decision

NOK
  • USD/NOK pressing to fresh session lows in early trade, putting the pair briefly through 10.65 to make for a 1% decline on the session so far as prices gain favour from the recovering oil price after yesterday's mid-session decline.
  • NOK's intraday move is still some way off testing the next key support at 10.5105, the Wednesday low - and slippage here would open 10.4563, the 38.2% Fib for the Jan - Mar upleg.
  • Moves come ahead of next week's Norges Bank decision, at which the Bank are seen raising rates further (recall yesterday's RNS, which showed 'most contacts to lift prices fairly substantially', keeping inflation on the front foot this year).
  • Norges Bank pricing took a knock late last week/early this week alongside the global rate re-pricing, but has recovered off lows, with the 3x6 NOK FRA clearing 3.50% today for the first time since late November.
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