We have a big day ahead with FOMC rate decision. So far this week we have seen stocks moving higher, with several indexes in recovery mode. This trend is supported by speculations that the Federal Reserve (FED) is considering a pause in its hiking cycle. Adding to the positive sentiment, the US Consumer Price Index (CPI) came in lower than expected yesterday, decreasing from 4.7% to 4%, increasing the likelihood of a FED hold in the near future.
Weak crude oil is also trying to stabilize ahead of the FED showing some interesting intraday recovery from around $67.00 per barrel as oil supply fell 660k bpd in May on OPEC+ cuts, which can help to stabilize oil price going forward. With higher crude I like NOK. Keep in mind that crude oil and USDNOK, both traded south recently, but crude trying to stabilize now. If it closes higher today, then USDNOK can see much more weakness. Current bears on USDNOK are also acting impulsively so far.
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