Listen to the market mood for the USDNOK currency pair in the coming session.

Weak NOK
The NOK is weak as the Norwegian Central bank has cut interest rates to 1.0% from 1.50% due to the uncertainty of the coronavirus. The Ministry of Finance has, at the Norges Bank’s recommendation cut the countercyclical buffer to 1.0% from 2.5%.

Strong USD
The USD should be strong as safe have demand starts to build for the USD.

Expectations
Therefore, expect USDNOK buyers at pullbacks.

Risks to this outlook
Any news of a surprise Fed rate cut and any positive news for oil will negate this outlook.


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