In the battle of exchange rates, the USD/NOK pair has gained some traction, trading higher at 10.69, marking a 0.30% increase during Thursday's session. The US Dollar (USD) is facing pressure due to soft US data, including a surprise increase in Initial Jobless Claims and a dip in the Philadelphia Fed Manufacturing Survey. These indicators suggest a potential slowdown in the US economy and have led to market expectations of sooner interest rate cuts by the Federal Reserve (Fed). The negative momentum is reflected in the Relative Strength Index (RSI) of USD/NOK, which has consistently positioned the pair below the 50 mark. However, the RSI value in the most recent session hints at potential easing, edging up to roughly 41 from a near-oversold low of 39. The short-term outlook for the Norwegian Krone (NOK) will be influenced by whether the Norges Bank follows the Fed's stance to delay cuts, which will be guided by local data. The USD/NOK pair is currently below its 20, 100, and 200-day Simple Moving Averages (SMAs), indicating a controlled bear market. However, the strengthening buyer dominance seen from the RSI might provide a reversal in trend if it maintains its consistency. [5c76b29d] [a5752086]
