The USD/NOK is hovering near the lowest level since November 2018 as investors reflect on the Norwegian economy resurgence and higher oil prices. It is trading at 8.4700, which is a few pips above the year-to-date low of 8.3200. Norway’s economic rebound After struggling in the first and second quarters of last year, the Norwegian economy has been bouncing back. The … [Read more...] about USD/NOK: Bearish Breakout Likely as Bets of High Norwegian Rates Rise
Forex News
American Consumer Sentiment Climbs to One-Year High
American consumer sentiment reached a one-year high in early March on the back of optimism on the world's biggest economy, according to Bloomberg. The preliminary sentiment of University of Michigan improved to 83 versus 76.8 the previous month. This is the highest since February 2020. Analysts predicted 78.5.The barometer of current economic conditions jumped to a … [Read more...] about American Consumer Sentiment Climbs to One-Year High
Equity Futures Slide As Treasury Yields Advance
Equity futures slid on Friday, as treasury yields surged following a wave of stimulus in the United States and the continued vaccine rollouts across markets. S&P 500 Futures fell 0.5% as of 6:57 a.m. New York time; the Stoxx Europe 600 declined 0.5%; the MSCI Emerging Market Index dropped 0.5%; while the MSCI Asia Pacific Index was little changed.Most 10-year Treasury … [Read more...] about Equity Futures Slide As Treasury Yields Advance
Oil Turning Point and the Setup in USD/CAD
Oil has been exceptionally well since the March crash last year as the concerns about the spread of COVID-19 were intensifying. Look at the weekly Brent oil chart below. When the market recovered from the first correction, oil prices broke out above 44.00 and never looked back, providing no meaningful correction since then. On its way up, the market has managed to … [Read more...] about Oil Turning Point and the Setup in USD/CAD
U.S. Unemployment Claims Fall to 712,000
U.S. seasonal unemployment claims dropped to 712,000 last week as restrictions across the country were eased, according to data released by the Department of Labor. The previous week's level was revised higher to 754,000, bringing the four-week average to 759,000 versus the previous week's average of 793,000.The advance seasonally adjusted insured unemployment rate was 2.9% … [Read more...] about U.S. Unemployment Claims Fall to 712,000
