NORWAY: Details Of 2026 Budget Proposal Include Income and Electricity Tax Cuts

As noted elsewhere, this morning’s bid in European benchmark equity indices seems to be applying pressure to the broader USD.

• Westpac have warned that the USD is at risk of a sustained decline, with particular focus on inflation risks limiting the Fed’s cutting cycle and prolonging a weaker economic growth profile in the U.S. (along with ongoing fiscal uncertainty).
• As a result, Westpac expect “the DXY to slowly retreat to roughly halfway between its 10-year and 20-year averages, respectively 98.5 and 90.3, with a low of around 93.5 forecast for the second half of 2027”… “Underlying this trend decline are steady gains for EUR/USD, from 1.17 today to 1.20 end-2026 and 1.21 end-2027, and for GBP/USD, from 1.36 currently to 1.38 end-2027”.

E-minis tick lower as BBG headlines note that China’s preliminary probe found that Nvidia violated the country’s anti-monopoly laws, with the Chinese regulators set to conduct a further probe of Nvidia’s behaviour. The NASDAQ 100 contract is understandably under the most pressure, last trading little changed on the day, a little over 50 points off session highs.

• A Huge jump in the ERH6 volume this Morning, but this all due to the ESTR/ERH6 spread.
• This has traded in circa 30.5k around 30 minutes ago, and a total of 98k spread have traded today.