Markets Calm Somewhat on More Policy Easing

Risk Aversion Eases on Additional Efforts to Soften the Virus Economic Impact

The dollar retreated against all but three of the other G10 currencies on Thursday and during the Asian morning Friday. It lost the most ground against NOK, AUD and NZD in that order, while it eked out some gains versus EUR, CHF and JPY.

Brent Oil — Technical Outlook

Overall, Brent oil continues to trade below its short-term tentative downside resistance line taken from the high of January 8 th. From the beginning of March, the commodity has been falling sharply, which at one point this week led the price to a drop below the 2016 low, at 27.08. But as we can see, yesterday Brent oil clawed back above that low and today it remains above it. Although we could get another push to the upside, if the price stays below the 31.66 barrier, we will continue observing the downside as our main scenario, at least for now.

USD/NOK — Technical Outlook

USD/NOK exploded to the upside this week, reaching a historic high near the 12.119 level. But yesterday, after hitting that level, the pair started correcting sharply to the downside. Today the slide continues. However, if the rate continues moving lower, but stays above its short-term tentative upside support line drawn from the low of March 6 th, we may class this move as a temporary correction before another leg of buying.

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