EUR/NOK in 2017 highs post-Norges Bank, around 9.43

The Norwegian Krone is off its daily lows vs. the single currency following the steady stance from the Norges Bank, with EUR/NOK now hovering over the 9.4300 handle.

EUR/NOK offered on NB decision

The cross kept the composure after the Norges Bank left unchanged its key rate at 0.50% at today’s meeting, broadly in line with initial estimates.

The Nordic central bank said the domestic inflation stays lower than projected following the latest 2.4% YoY increase, while it expects crude oil prices to gravitate around $50.00 in the years ahead.

Furthermore, the Norges Bank noted that growth among trading partners has been in line with March’s projections while the NOK exchange rate ‘is weaker than projected’.

In the meantime, the cross has clinched fresh 2017 tops around the 9.4400 handle in the wake of the Norges Bank interest rate decision, levels last seen in August 2016.

EUR/NOK significant levels

As of writing the cross is up 0.16% at 9.4329 and a surpass of 9.4377 (2017 high May 4) would aim for 9.5193 (high Jul.29 2016) and then 9.5794 (high Jun.24 2016). On the other hand, the next support is located at 9.4145 (low May 4) followed by 9.3647 (low May 3) and finally 9.2913 (low Apr.28).