EURNOK - Norges Bank kicks Bulls' balls today
Rate cut, rate cut, rate cut, rate cut everywhere! This is the new monetary policy phenomenon, the ultimate perpetum mobile! In fact since 2008 there was one rate cut by every third trading day!!! Central Banks lost their mind, heating ccy war further... except one! It looks like Norges Banks is the only one left, thinking that rapeing the financial mkts may be useless and more dangerous in the long run. Maybe they are the only one, who see there is NO DEFLATION RISK in reality. I hope they will keep this prudent long term view, and will not join this stupid global experiment of how to blow the biggest bubble ever in history.
Not much to add to this chart. It looked really scary for 3-4 days, as everybody thought Norges will follow the idiot neighbour Riksbank in agressive rate cut. Eventually EURNOK and USDNOK bulls are kicked badly.
The pair is down 3 % today. Time to watch 8,50 +/- support area! Also time to watch Brent Oil, as in case Oil reverses again that will fuel NOK gains further.
I keep my strategic short. (some of that was stopped in last few days, I re-opened today after the rate decision)
Not much to add to this chart. It looked really scary for 3-4 days, as everybody thought Norges will follow the idiot neighbour Riksbank in agressive rate cut. Eventually EURNOK and USDNOK bulls are kicked badly.
The pair is down 3 % today. Time to watch 8,50 +/- support area! Also time to watch Brent Oil, as in case Oil reverses again that will fuel NOK gains further.
I keep my strategic short. (some of that was stopped in last few days, I re-opened today after the rate decision)
