We fully understand if investors wish to stay away from more “virus-sensitive” currencies for now. This would include Asian currencies as travel bans and the like will weigh on activity in the region, and commodity currencies given how important China is for global demand. That said, one has to be impressed by the EM-like nature of the NOK as a result of recent FX trading. Sure, oil prices have plunged, but we don’t think it makes sense for the NOK to weaken this much. Positioning (USDNOK has been a popular short) has likely exacerbated the move. Maybe NOK is now among the most vulnerable currencies worldwide to Chinese developments as China is THE driver of commodity markets?USD vs select currencies since the first wide-spread reports of the virus