{"id":143848,"date":"2019-03-18T10:43:30","date_gmt":"2019-03-18T14:43:30","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=143848"},"modified":"2019-03-18T06:44:37","modified_gmt":"2019-03-18T10:44:37","slug":"usdnok-analysis-is-there-a-possibility-for-the-norwegian-krone-to-strengthen","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/usdnok-analysis-is-there-a-possibility-for-the-norwegian-krone-to-strengthen\/","title":{"rendered":"USDNOK Analysis: Is there a possibility for the Norwegian krone to strengthen?"},"content":{"rendered":"
March 18, 2019<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

Preparing for the meeting of the central bank of Norway<\/strong><\/p>\n

The next meeting of the central bank of Norway (Norges bank) will be held on March 21, 2019. Is there a possibility for the Norwegian krone<\/a> to strengthen?<\/p><\/blockquote>\n

On the USDNOK chart, it looks like a downward movement. Market participants expect a rate hike by the Norwegian central bank amid high inflation of 3% in February of the current year. Since June 2018, it has exceeded the target level of 2.5%. Let us note that Norges Bank, for the first time in the last 7 years, announced a possible rate hike in March 2019 from 0.75% to 1% at its October meeting last year. By the end of 2019, the rate can be once again raised to 1.25%. This is a positive factor for the Norwegian krone exchange rate.<\/p>\n

\"USDNOK\"<\/p>\n

On the daily timeframe, USDNOK: D1<\/b> approached the support trend of the rising trend. Before opening a sell position, it should be breached down. Most technical analysis indicators formed sell signals. A downward movement may be formed in case of a rate hike by the Norwegian Central Bank and negative data in the US.<\/p>\n