16 Feb 2015
EUR/NOK supported at 8.60
FXStreet (Edinburgh) - The Norwegian krone is appreciating further vs. its European peer on Monday, pushing EUR/NOK to the lower band of the daily range around 8.6000.
EUR/NOK weaker on oil, NB
The recent appreciations by the Norges Bank emphasizing the good health of the Nordic economy plus the upbeat momentum in crude oil prices as of late are bolstering the bid tone around NOK, and somehow kicking back expectations of a rate cut in March.
Data wise in the Scandinavian economy, the trade surplus shrunk to NOK 27.1 billion in January, down from December’s NOK 30.1 billion.
EUR/NOK levels to consider
As of writing the cross is down 0.31% at 8.6088 with the immediate support at 8.5500 (low Feb.6) ahead of 8.4465 (200-d MA) and finally 8.4000 (low Nov.21). On the other hand, a surpass of 8.6467 (100-d MA) would aim for 8.6820 (10-d MA) and then 8.6841 (high Feb.5).
EUR/NOK weaker on oil, NB
The recent appreciations by the Norges Bank emphasizing the good health of the Nordic economy plus the upbeat momentum in crude oil prices as of late are bolstering the bid tone around NOK, and somehow kicking back expectations of a rate cut in March.
Data wise in the Scandinavian economy, the trade surplus shrunk to NOK 27.1 billion in January, down from December’s NOK 30.1 billion.
EUR/NOK levels to consider
As of writing the cross is down 0.31% at 8.6088 with the immediate support at 8.5500 (low Feb.6) ahead of 8.4465 (200-d MA) and finally 8.4000 (low Nov.21). On the other hand, a surpass of 8.6467 (100-d MA) would aim for 8.6820 (10-d MA) and then 8.6841 (high Feb.5).