USD/NOK has a tight negative correlation with the euro. And as suspected, the currency is also impacted by oil prices.
USD/NOK has a tight negative correlation with the euro. And as suspected, the currency is also impacted by oil prices. We suspect oil goes lower given the dismal demand in the real economy. Below a look at USD/NOK with EUR/USD (inverse) overlaid and our Wave view on oil.
Oil (WTI) Daily:
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