USD/NOK drops heavily to near 10.40 on surprise OPEC+ production cut – by Sagar_Dua24 USDNOK Fed Oil Inflation DollarIndex
and other OPEC+ members. The oil cartel will cut the overall oil production by around 1.16 million barrels/day, which has strengthened the Norwegian Krone. Fresh pledge of cutting overall oil production by 1.16 million bpd has led to an overall cut of 3.66 million bpd.
The surprise move by OPEC+ in an attempt to support the oil price has strengthened the currencies of oil-exporting countries, which will receive more funds on exporting oil.
banking sector, portraying a risk-on mood. However, fresh oil production cuts could spoil the market mood ahead, therefore, a cautionary approach would be advisable. recovered firmly on late Friday to near 102.60 despite more-than anticipated softening of US core Personal Consumption Expenditure Price Index data. On a monthly basis, the US PCE Price Index accelerated by 0.3%, lower than the consensus of 0.4% and the former release of 0.5%. Also, the annual US PCE Inflation figure soften to 4.
As per the CME Fedwatch tool, the odds for a 25bp rate hike to 5.00-5.25% for May monetary policy meeting stand more than 53%.
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