Your Currency Trade on Rising Oil
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Tensions in the Middle East are pushing oil prices higher, and that has ramifications for the currency markets as well as commodities.
So says Todd Gordon, co-head of research and trading at Aspen Trading Group.
"I like getting long a major oil exporter, the Norwegian krone," he told CNBC's Scott Wapner.
Gordon notes that the risk-on rally in the stock market is also sending the dollar lower: "short dollar is being confirmed," he says.
Meanwhile, the Norwegian economy is looking good even apart from oil, Gordon says, pointing to low unemployment and growth projected at three percent. Also, he says, the country has a $650 billion oil fund, and "at a recent central bank meeting, they were saying they're not going to buy international currencies anymore so that strengthens the krone."
Gordon wants to sell the dollar against the krone at 5.7400 and set a stop at 5.8100. His target is 5.6000.
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