BNP Paribas: Go long USD/NOK

  • We enter a long USDNOK trade recommendation at 7.8030,
    targeting 8.1500, with a stop placed at 7.6900.
  • Upcoming event risk, the relative rate outlook, positioning and
    technicals all support a rise in USDNOK.
  • We expect the Norges Bank to cut rates next month. In
    addition, we expect OPEC to maintain its current production
    target at the June meeting.

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