NOK and CAD pressured by the spectre of recession

Despite a poor session in the regulated markets, today's FX session brings marked weakness in the Canadian dollar and the Norwegian krone. This phenomenon is interesting because these currencies are referred to as proxies for the oil market, which has recently been gaining strongly on the wave of a larger production cut by OPEC+. 

Investors' attention this week was focused on macro data readings, which pointed to signs of weakness in the US economy. Weak ADP data and a drop in sentiment in the industrial and service sectors intensified fears of a global recession.

Further clues as to the future path of FOMC interest rates, and thus the future state of the expansionary economic path, will certainly be provided by the NFP report, which will be released at 1:30 p.m. BST, and the U.S. CPI inflation data, which will be released next Wednesday. Weakness in the economy may put pressure on instruments that depend on the continued state of expansion. 

Source: xStation5