NOK: Outperformance Against G10 Peers Extends; USDNOK and EURNOK Through Support
May-21 12:52
NOK continues to outperform the G10 basket, with EURNOK (-0.9%) and USDNOK (-1.2%) close to session lows. Firmer Brent crude and natural gas prices will likely be lending some support to the krone, but the extent of strength versus peers remains notable.
- USDNOK is through the April 3 low of 10.1920, with 10.0562 the next support of note (December 2023 low).
- EURNOK has also pierced 11.4882, the 76.4% retracement of the 8.5% rally between April 2 and April 11.
- In NOKSEK, the trendline drawn from the April 9 low continues to provide support. The cross has consolidated above the 50-day EMA today, narrowing the gap to the historically important 0.9500 pivot level.
- Domestically, wage negotiations between oil drilling workers and the Norwegian Shipowners association broke down overnight, but that’s not likely to be an FX mover.
- The LFS April unemployment rate is due tomorrow morning, but more interest is paid to the registered unemployment rate, for which May data is due on May 30.
Figure 1: NOKSEK Since 2023
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