EUR/NOK bounces off lows near 9.4800

The Norwegian Krone is posting moderate gains vs. its European peer on Monday, now dragging EUR/NOK to the 9.5100 region.

EUR/NOK lower post-CPI

NOK gathered extra pace after inflation figures in the Nordic economy surprised to the upside in June. In fact, consumer prices rose at an annualized 1.9% and 0.4% inter-month, both readings coming in above initial estimates.

Further releases showed producer prices up 3.2% on a yearly basis, while Core Inflation rose 0.5% MoM and Core CPI YTD advanced 1.6%.

NOK quickly tested fresh 3-day lows in the wake of today’s releases, albeit giving away some of those gains afterwards.

The cross is still looking for direction after dropping from fresh 2017 tops near 9.6300 posted in late June (levels last seen in February 2016), all amidst a firm longer term uptrend and with crude oil dynamics and a vigilant Norges Bank as the main drivers for the price action.

EUR/NOK significant levels

As of writing the cross is retreating 0.38% at 9.5114 and a breakdown of 9.4825 (low Jul.10) would expose 9.4557 (low Jul.4) and then 9.4521 (55-day sma). On the flip side, the next up barrier lines up at 9.5368 (10-day sma) seconded by 9.5848 (high Jul.7) and then 9.6310 (2017 high Jun.28).