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20 Aug 2015
EUR/NOK off highs post-GDP figures
FXStreet (Edinburgh) - The Norwegian krone is depreciating further vs. the single currency on Thursday, lifting EUR/NOK to fresh highs around the 9.2800 handle.
EUR/NOK stronger on Norway data
The cross quickly climbed to multi-month tops near 9.28, while keeps threatening 2015 tops just above 9.30 posted in January, after Norwegian GDP figures surprised investors to the downside, contracting 0.1% during the second quarter.
Lower crude oil prices continue to hurt the Nordic economy, as the slowdown in oil and gas-related industries has intensified the decline in mining and manufacturing. On the bright side, household consumption has ticked higher along with a better performance of the labour market.
EUR/NOK levels to consider
At the moment the cross is up 0.15% at 9.2424 facing the next resistance at 9.2753 (high Aug.20) followed by 9.3028 (2015 high Jan.8) and finally 9.3115 (high Dec.15). On the flip side, a breakdown of 9.2211 (low Aug.20) would open the door to 9.1311 (low Aug.19) and then 9.0907 (low Aug.11).
EUR/NOK stronger on Norway data
The cross quickly climbed to multi-month tops near 9.28, while keeps threatening 2015 tops just above 9.30 posted in January, after Norwegian GDP figures surprised investors to the downside, contracting 0.1% during the second quarter.
Lower crude oil prices continue to hurt the Nordic economy, as the slowdown in oil and gas-related industries has intensified the decline in mining and manufacturing. On the bright side, household consumption has ticked higher along with a better performance of the labour market.
EUR/NOK levels to consider
At the moment the cross is up 0.15% at 9.2424 facing the next resistance at 9.2753 (high Aug.20) followed by 9.3028 (2015 high Jan.8) and finally 9.3115 (high Dec.15). On the flip side, a breakdown of 9.2211 (low Aug.20) would open the door to 9.1311 (low Aug.19) and then 9.0907 (low Aug.11).