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Trading news
8 May 2013
Forex: EUR/NOK tanking after Norges Bank decision
FXstreet.com (Barcelona) - The NOK is now sharply appreciating vs. the single currency after the Norges Bank left the refi rate unchanged at 1.5% in its monetary policy meeting. The renewed strength of the krone is dragging the cross more tan five big-figures from highs above 7.66 to the current region in the boundaries of 7.60.
In its statement, the Nordic central bank commented that the economy growth is solid and the unemployment remains in low levels. However, it noted the higher level of household debt.
EUR/NOK is losing 0.52% at 7.6028 and a breakdown of 7.6000 (low May 6) would then target 7.5800 (low May 3) en route to 7.5575 (low May 2).
On the flip side, resistance levels are located at 7.7025 (high Apr.24) followed by 7.7150 (high Jan.18) and finally 7.7209 (high Jan.13).
In its statement, the Nordic central bank commented that the economy growth is solid and the unemployment remains in low levels. However, it noted the higher level of household debt.
EUR/NOK is losing 0.52% at 7.6028 and a breakdown of 7.6000 (low May 6) would then target 7.5800 (low May 3) en route to 7.5575 (low May 2).
On the flip side, resistance levels are located at 7.7025 (high Apr.24) followed by 7.7150 (high Jan.18) and finally 7.7209 (high Jan.13).