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Market Insights

Trading Insights: Opportunities emerge as inflation remains “hot”

Copy of Blog Images - Skilling - 2023-06-09T120044.723

Market Talk

Screenshot 2023-06-09 120252
Data as of June 9 2023 7:35 UTC

The above chart illustrates the performance of the EUR/NOK after the latest release of Norwegian inflation data. Past performance is not an indicator of future performance.

Higher inflation increases the chances for Norges Bank to hike interest rates further

  • When rates increase the money supply decreases
  • Less money supply can lead to a stronger currency

Screenshot 2023-06-09 120318
Data as of June 9 2023 7:46 UTC

The above chart illustrates that the Norwegian (NOK) money supply has been decreasing.


Today’s economic calendar

Screenshot 2023-06-09 120349
Source: TradingView / J. Knobel June 9 2023 7:21 UTC

Norwegian inflation increased for the 3rd month in a row

Screenshot 2023-06-09 120413

  • Core inflation jumped higher to 6.7%
  • NOK FX strengthens across the board

Screenshot 2023-06-09 120504
Data as of June 9 2023 7:50 UTC


Commentary & insights

US Fed likely to hike, EU economic growth likely to slow, and inflation to remain “sticky”

In the above case, could demand for gold and silver increase?

Did you know that Silver has increased by +20% during the last 90 days?

Screenshot 2023-06-09 120531
Chart as of June 9 2023 8:02 UTC

Technical commentary for Silver: Current Silver price is $24.40 and it seems to be trading stronger over the previous 48 hours. Key price support spotted near $22.7 (30 day low), moving average analysis is bullish since price is above its 9 and 18 day moving averages, directional movement index (DMI) suggests that there is more upward price pressure than downside pressure. Upside prospects for a price extension towards the $28.6s can not be ruled out over the short to medium term (14-49 days). Downside risk seen below the $22.7 support (see daily chart).

Screenshot 2023-06-09 120556
Daily chart as of June 9 2023 8:14 UTC

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Not investment advice. Past performance does not guarantee or predict future performance.