USD/NOK gains ground as markets digest Fed official's words, Eurozone outlook

The USD/NOK pair is currently trading with 0.60% gains on Tuesday, despite broad market predictions of a softened US monetary policy.

Latest statements reveal a more assertive posture from Fed officials, potentially cooling expectations of rate cuts. Soft economic figures from the German and Eurozone economies may stimulate bearish perspectives for the NOK. This resurgence is fueled by an aggressive approach from Federal Reserve officials at the beginning of the week.

The most recent RSI figure is in negative territory, although showing a marginal recovery from the previous session. This suggests that sellers are currently dominating the market but that bulls present a battle. In addition, the Moving Average Convergence Divergence is producing flat red bars, indicating negative momentum and reinforcing that sellers dominate at present. However, a limited upward shift on the daily RSI could hint at potential volatility or a slight pullback.

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