USD/NOK edges lower on quiet Monday, ahead of US CPI

📆 5/13/2024 6:27 PM
📰 FXStreetNews

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USDNOK News

Currencies,Norway

The USD/NOK pair saw a sharp decrease in Monday's trading session, driven primarily by ongoing hawkish sentiment from the Norges Bank and a somewhat weak start of the week for the Greenback.

With the Norges Bank holding rates at 4.5% and suggesting a prolonged duration of stringent monetary policies, a bullish trend for the NOK is likely. The Federal Reserve's cautious remarks provided support to the Dollar lately. Retail Sales and CPI data from the US this week will set the pace of the pair.

4%, has given rise to a bullish outlook for the NOK. Market participants only predict a 50 basis point cuts in the upcoming 12 months. USD/NOK technical analysis On the daily chart, the Relative Strength Index for the USD/NOK pair resides in the negative territory, indicating a modest bearish momentum.

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