EUR/NOK keeps the 9.25-9.40 range – Danske Bank

Pablo Piovano FXStreet

Senior Analyst at Danske Bank Morten Helt expects the cross to remain within the current 9/25-9.40 range for the time being.

Key Quotes

“In the Scandies, EUR/NOK has respected the 9.25-9.40 range despite the disappointing inflation release out of Norway yesterday morning. In our view, it did not come as a big surprise that we did not see a larger spot reaction as (1) one factor could primarily explain the disappointing release (food prices) and (2) Norges Bank is unlikely to send any new signals at the 26 October meeting, leaving two additional inflation prints for it to react to at the key December meeting”.

“Meanwhile, the latest string of data out of Norway has clearly been on the disappointing side, which actually adds another argument for putting on a bullish EUR/NOK position as we approach year-end. Hence, our fundamental predisposition remains to enter a long EUR/NOK option trade on dips in the 9.25-9.40 range”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD loses ground below 1.1850 ahead of FOMC Minutes

The EUR/USD pair loses traction near 1.1840 during the early European session on Wednesday, pressured by renewed US Dollar demand. Traders brace for the Federal Open Market Committee Minutes for signals on future rate cuts, which will be released later on Wednesday.

When is the UK CPI data and how could it affect GBP/USD?

The United Kingdom Consumer Price Index data for January is scheduled to be published today at 07:00 GMT. GBP/USD trades slightly lower at around 1.3556 as of writing. The 20-period Exponential Moving Average trends lower at 1.3593 and continues to cap rebounds. Price holds beneath this gauge, maintaining a short-term bearish bias.

Gold: Is the $5,000 level back in sight?

Gold snaps a two-day downtrend, as recovery gathers traction toward $5,000 on Wednesday. The US Dollar recovers from the overnight sell-off as rebalancing trades resume ahead of Fed Minutes. The 38.2% Fib support holds on the daily chart for now. What does that mean for Gold?

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.