EUR/NOK poised for a bounce near term – Danske Bank

Pablo Piovano FXStreet

The Norwegian Krone could face some selling pressure in the very near term, noted Aila Mihr, Analyst at Danske Bank.

Key Quotes

“While domestic data has been on the weak side, the SEK move alongside higher oil prices has sent EUR/NO K to the low end of the 9.47-9.75 range”.

“With Norway out on Monday, yesterday’s price action is likely to reflect renewed foreign NOK buying interest. Today, it will be key to see whether domestic importers will utilise the move lower, as we know that 9.50 has triggered EUR/NOK buying interest previously”.

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 remains on the back foot around 1.1700

EUR/USD is coming under heavy selling pressure, hovering around the 1.1700 region in the latter part of the NA session on Monday. The pair’s severe retracement comes as the US Dollar stages a marked bounce on the back of the prevailing flight to safety atmosphere, as investors react to the escalating conflict in the Middle East.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.