The spike in crude oil prices to new 2012 highs overnight is lending support to the NOK. EUR/NOK is being driven relentlessly lower and following a weeekly close below 7.4190, we would be encouraged to target the 2003 low at 7.2175. Against this backdrop, the yen continues to slide and this morning USD/JPY posted a new high for the year. If GBP/JPY could close the week above 131.25 (weekly cloud cap), we would regard this as further confirmation that JPY weakness will be a feature for many months to come.
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Barclays Capital