NOK: Focus on Norges Bank today – Danske Bank

Sandeep Kanihama FXStreet Contributor

Piet P. H. Christiansen, senior analyst at Danske Bank, suggests that the focus in FX markets turns to Norges Bank and the ECB today and on the former, if they are right in their call, this should not lead to a significant immediate repricing of a March hike (currently priced at only c.14-15bp).

Key Quotes

“It should confirm that relative rates will increasingly become a NOK-supportive factor as we approach the meeting as long as the global risk environment holds up. For today’s session, we should expect NOK appreciation to be more limited.”

“On the ECB front, we do not expect Draghi to move EUR much, but, if anything, we believe risks are tilted to the downside given our expectations of downward risks to the growth assessment.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.