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Weakness Persists with USDNOK Eyeing Key Upside Level

NOK

Scandi weakness against the EUR and USD gains further momentum following the stronger-than-expected US PMI print.

  • Of particularly interest is USDNOK, which is currently 0.9% higher on the day and eyes the May 31 high of 11.2986, which is the highest level the pair has seen other than the Covid-induced March 2020 spike.
  • Lower oil prices today will have also contributed to the NOK weakness, with Brent futures 1% lower on the day.

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