Norwegian Krone, Euro, US Greenback, EUR/NOK, USD/NOK – TALKING POINTSNorwegian Krone worst-performing G10 foreign money amid OPE
Norwegian Krone, Euro, US Greenback, EUR/NOK, USD/NOK – TALKING POINTS
- Norwegian Krone worst-performing G10 foreign money amid OPEC worth warfare, coronavirus
- USD/NOK continues to surge past its 1985 excessive amid a excessive demand for US {Dollars}
- EUR/NOK continues to rise after it re-mounting a multi-month inflection channel
USD/NOK TECHNICAL ANALYSIS
On March 18, USD/NOK clocked in its greatest one-day achieve on report and rose over 7.60 % because it continues to commerce above 1985 highs. Resistance could also be forming round 11.2717 because the pair trades simply on the cusp of a probably new ceiling. Taking a look at latest wicks helps the notion {that a} small pullback could also be within the if costs finally fail to shut above 11.2717.
USD/NOK – Every day Chart
USD/NOK chart created utilizing TradingView
A month-to-month chart places USD/NOK worth motion into perspective, with the pair up over 19 % simply in March. Two components have been driving this worth dynamic. The primary is the selloff in crude oil and growth-oriented belongings just like the Norwegian Krone, which is primarily used as a medium of trade in a petroleum-based economic system.
The second has to do with elevated demand for liquidity, and on this regard, the US Dollar reigns supreme because the world’s reserve foreign money. Threat aversion from the panic-induced selloff in international equities pressured crude oil costs which have been…