Trading Insights: Opportunities emerge as inflation remains “hot”
Market Talk
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
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
Source: TradingView / J. Knobel June 9 2023 7:21 UTC
Norwegian inflation increased for the 3rd month in a row
- Core inflation jumped higher to 6.7%
- NOK FX strengthens across the board
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?
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).
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.