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USD/NOK continues losing ground after PPI, CPI data looms

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USDNOK News

Norway,Currencies

The USD/NOK pair is trading lower on Tuesday. Overall, the USD strength persists despite a mild bearish pressure and Jerome Powell confirmed its wait-and-watch approach by the bank.

Jerome Powell stated on Tuesday that his confidence in inflation coming down is lower. The US reported that April’s PPI aligned with expectations. April’s CPI and Retail Sales will define the outlook of the USD. The US economy continues to showcase considerable strength, with persistent indications of a resilient labor market and sustained consumer spending, as noted by Federal Reserve Chairman Jerome Powell on Tuesday.

USD/NOK technical analysis On the daily chart, the Relative Strength Index is oscillating within negative territory, signaling that sellers may continue to control the market. Despite a brief shift in momentum on Monday, with the RSI hitting 50.99, the most recent session sees the RSI at 46.20, suggesting a continuation of the bearish sentiment.

 

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