The USD/NOK currency pair extended a rebound from a 5-week low of 11.1635 on Tuesday, as the greenback firmed in the wake of new US tariff threats.
US President Trump announced on Monday plans to impose tariffs on imported computer chips, pharmaceuticals and steel in an attempt to encourage domestic production.
Market focus also sets on the Federal Reserve’s policy meeting for guidance regarding the future interest rate trajectory.
The Fed is widely expected to leave its federal funds rate target range intact at 4.25%-4.50% at its January 28th-29th meeting. It would be the first pause in the monetary easing cycle, which was initiated in September.
Meanwhile, data out of Norway showed that retail sales had shrunk 0.1% month-over-month in December, confounding market consensus of a 0.2% rise.
The USD/NOK currency pair was last edging up 0.38% to trade at 11.2762, while gaining for a second straight day.
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