- USD/NOK rose to a high of 11.215, its highest since late May and then settled at 11.191.
- Nordea analysts point out that higher US yields are playing a big role in the upward movements of the pair.
- The focus shifts to high-tier economic data from the US on Thursday and Friday.
- The ECB decision on Thursday will also we closely watched.
On Wednesday, the USD/NOK jumped to a daily high of around 11.215, its highest since May 31, and since last Friday, the pair has increased by more than 1%. Higher US treasury yields and firm economic activity figures from its local economy benefit the US Dollar over the NOK.
In line with that, S&P Global Manufacturing and Services PMIs from the US came in better than expected on Tuesday while the Eurozone indexes disappointed, suggesting that in the current cycle of global financial tightening, the US economy seems to be the last man standing. In addition, the 2,5 and 10-year yields are trading in multi-year highs at 5.10%,4.91 and 4.95%, respectively. Nordea analyst pointed out that rising yields are weighing on equities, which made Norwegian pension managers need to reduce FX hedges by selling NOK. They also claimed that higher energy prices and geopolitical tensions also made the Norgewian currency struggle to find demand.
Focus now shifts to the European Central Bank (ECB) decision on Thursday, where markets are not discounting any rate hikes. Still, Christine Largarde’s press conference will be important for the economic outlook of the European continent. In the same session, the US will release Gross Domestic Product (GDP) preliminary estimates from Q3 and Personal Consumption Expenditures (PCE) figures from September on Friday.
USD/NOK Levels to watch
With both Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) comfortably placed in positive territory on the daily chart, the USD/NOK buyers hold the upperhand. However, both indicators approached overbought conditions which could fuel a technical correction in the upcoming session as the pair rose in the last four days.
Furthermore, the pair is above the 20,100,200-day Simple Moving Average (SMAs), suggesting that the bears are struggling to challenge the overall bullish trend.
Support levels: 11.095, 11.020, 10.945 (20-day SMA),
Resistance levels: 11.167, 11.215, 11.300.
USD/NOK Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

Gold gives away some gains, slips back to $2,980
Gold retraced from its earlier all-time highs above the key $3,000 mark on Friday, finding a footing around $2,980 per troy ounce. Profit-taking, rising US yields, and a shift to a risk-on environment seem to be putting the brakes on further gains for the metal.

EUR/USD remains firm and near the 1.0900 barrier
EUR/USD is finding its footing and trading comfortably in positive territory as the week wraps up, shaking off two consecutive daily pullbacks and setting its sights back on the pivotal 1.0900 mark—and beyond.

GBP/USD remains depressed, treads water in the low-1.2900s
GBP/USD is holding steady in consolidation territory after Friday’s opening bell on Wall Street, hovering in the low-1.2900 range. This resilience comes despite disappointing UK data and persistent selling pressure on the USD.

Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.

Week ahead – Central banks in focus amid trade war turmoil
Fed decides on policy amid recession fears. Yen traders lock gaze on BoJ for hike signals. SNB seen cutting interest rates by another 25bps. BoE to stand pat after February’s dovish cut.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.