NOK to USD Multi-Currency Accounts Compared

USD/NOK remains range-bound near the 90-day avg, mid 3-month range. Oil above its 3-month avg supports NOK but adds price swings. US payrolls data could shift Fed easing bets and USD demand; strong payrolls lift USD, soft data boosts NOK. Bias Range-bound USD/NOK near the 90-day average, mid-range in the 3-month window. Key drivers - Rate gap: The Fed is expected to ease gradually in 2026, while Norges Bank signaled no cuts before spring, keeping NOK yield support and USDNOK in a narrow range. - Risk/commodities: Oil sits above its three-month average and shows greater volatility, which tends to bolster the NOK on energy income but adds swings that can complicate pricing for importers and exporters. - Macro factor: Upcoming US payrolls and unemployment data could shift Fed easing expectations and alter USD demand, shaping hedging costs for cross-border trades and remittances. Range Expect the pair to drift around the middle of the range, with small moves unless data surprises and alters policy bets, keeping a tight leash on volatility. What could change it - Upside risk: stronger US payrolls or a hawkish Fed delaying easing could lift the dollar and nudge USD/NOK higher. - Downside risk: softer payrolls or clearer signs of Fed easing would boost the NOK and push USD/NOK lower