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Norges Bank Increases Sale of FX to NOK 700 M/day in February

Norges Bank Increases Sale of FX to NOK 700 M/day in February

Walker England, Kara Dailey,

Talking Points:

  • Norges Bank increases their sale of FX equivalent to NOK 700 million per day
  • USDNOK moves to support on the Daily chart

Due mainly to falling energy prices, revenues from the State’s Direct Financial Interest have once again exceeded the amount transferred to the Global Pension Fund Global (‘the Fund’) on behalf of the state. This imbalance has allowed the petroleum buffer to become larger than necessary, leaving Norges Bank to sell the excess currency on the foreign exchange market. In accordance, Norway’s central bank will sell FX equivalent to NOK 700 million per day through the month of February. This is a significant deviation from the previous level which was NOK 500 million per day.

Following the announcement on Friday, the USD/NOK fell sharply, bringing the pair to its ascending support line.

USDNOK Daily Chart

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Chart Created by Walker England Using MarketScope2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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