USD/NOK gains with focus on US GDP, PCE data

The USD/NOK currency pair firmed on Wednesday, while reversing a loss from the prior trading day, ahead of key US macro data releases.

Market players awaited the second estimate of US GDP growth for Q4 on Thursday and the PCE inflation figures on Friday for more guidance on the Fed’s monetary easing trajectory.

Yesterday the US Dollar came under pressure after data showed US consumer confidence had plummeted to an eight-month low in February, reflecting anxiety over the Trump administration’s tariff policies.

Trump on Tuesday ordered a probe into potential new tariffs on copper imports in an attempt to rebuild US production of the metal.

Trump also said that tariffs on Canada and Mexico would “go forward” once the one-month delay period expires next week.

Markets are now pricing in two 25 basis point rate cuts by the Fed this year.

Meanwhile, the latest data out of Norway showed that the general public’s domestic loan debt had risen 3.6% year-on-year to NOK 7.53 billion at the end of January, after a revised up 3.4% surge in the prior month.

The USD/NOK currency pair was last up 0.30% on the day to trade at 11.1373.