EUR/NOK sinks to 9.37 post-CPI

The Norwegian krone is gathering further traction today, now sending EUR/NOK to test the lower end of the range near 9.3700.

EUR/NOK lower on data

NOK picked up extra pace after consumer prices in the Nordic economy have surprised to the upside during June, rising 0.7% MoM and 3.7% on an annualized basis. Further data saw Core CPI YTD at 3.0% vs. 2.7% initially estimated.

Additionally, the barrel of Brent crude has slipped to fresh 2-month lows in the $46.00 neighbourhood, somewhat limiting further NOK appreciation.

EUR/NOK significant levels

As of writing the cross is retreating 0.50% at 9.3742 facing the next support at 9.3597 (20-day sma) followed by 9.3201 (55-day sma) and then 9.2302 (low Jul.5). On the other hand, a breakout of 9.4554 (high Jul.8) would aim for 9.5794 (high Jun.24) and finally 9.7595 (2016 high Feb.11).