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USD Regathers, NOK Extends 2023 Weakness

FOREX
  • JPY is sliding against all others - typifying the price action so far Tuesday, which has been largely corrective in nature as markets moderate after a frantic Monday session. The USD is favoured on the margin, although yesterday's wide ranges have been wholly respected so far. The USD Index appears to have found some support at the 50-dma, undercutting at 103.448.
  • NOK is extending 2023's losing streak, weaker against most others and within range of the cycle lows against the EUR and USD as the wave of global rate re-pricing crimps market expectations that the Norges Bank could return to the recent pace of rate hikes.
  • GBP saw a brief spell of support on the back of the UK jobs data, which saw the ILO unemployment rate slip below forecast, although weekly earnings data showed the rally in wages may be close to peaking. GBP/USD briefly saw support up to 1.2180 before stalling, and returning to minor negative territory ahead of the NY crossover.
  • Focus rests solely on the US CPI release later today, at which markets look for Y/Y CPI to slow to 6.0%, and 5.5% for the core metric. MNI's CPI Preview found here: https://roar-assets-auto.rbl.ms/files/51869/USCPIP...

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