In Thursday’s session, the USD/NOK cleared part of its daily losses after the Norges Bank decided to hold rates steady jumping from 11.
USD/NOK jumped from a low around 11.108 to 11.150, seeing mild losses. The USD weakness is driven the pair downwards. As well as the Fed, the Norges Bank held rates steady and showed a dovish tone. All eyes are now on Nonfarm Payrrolls from the US on Friday. 108 to 11.150, still holding daily losses. On the other hand, the Greenback isperforming poorly due to the Federal Reserve’s dovish tone on Wednesday’s decision and a positive market enviroment.
The statement pointed out that the bank is considering another hike in December, but the tone was more confident, assuring that inflation is decelerating. As for now, the swaps markets are discounting a 40% chance of a 25 basis point hike in the December meeting, and as long those bets remain high, the NOK’s downside is limited. USD/NOK Levels to watch Observing the daily chart, signs of bullish exhaustion are apparent for USD/NOK.
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