David Fuller's view In reopening my USD short against the NOK (weekly & daily), I am hoping that this cross-rate remains rangebound and that we have just seen an upside failure, potentially leading to a retest of the lower boundary. If, instead, it is a developing base, then I will lose money. Meanwhile, interest rate differentials are in my favour as Norway's short-term rate remains at 1.75%. I sold USD/NOK today at NK5.8726 for the June contract, including spread-bet dealing costs of 100 basis points. Note: the USD has strengthened since I opened this trade, increasing the odds that I am wrong.