Norges Bank, BoE, SNB Expected to Hold; Oil Drops on Strait of Hormuz Normalization
Central banks in Norway, the UK, and Switzerland are expected to keep rates unchanged, while oil prices decline as the Strait of Hormuz shows signs of normalizing traffic.
The Norges Bank, Bank of England, and Swiss National Bank are all expected to hold their policy rates steady at upcoming meetings, according to market consensus. The focus also remains on US-Iran tensions, which have been a key driver of energy markets.
In energy, crude oil prices are falling as traffic through the Strait of Hormuz shows early signs of normalization. Analyst Vance notes that more than 12 million barrels have exited the strait so far, with no Iranian fire on commercial ships and the US allowing vessels through. The easing of disruptions has pressured oil prices lower.
Source: FXStreet Forex News