The NOK is under the most pressure, weakening against both the USD (-1.2%) and EUR (-0.7%) as the market unwinds some of the krone’s recent gains with a steep drop in oil prices adding pressure with front-month Brent down over 4% to $34.50, per TD Securities.
Key quotes
“EUR/NOK has pushed above a near-term trendline that has capped rallies since mid/late April. Interestingly, the cross has tested the backside of it since.”
“Liquidity is still a bit scarce there and spreads remain wide. It does, however, seem that a move higher toward a test of 11.10 could be underway.”
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