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FxWirePro: Norwegian Krone extends losses as unemployment rate rises

  • The Norwegian Krone declined, drifting further away from a 5-month peak hit earlier in the week following downbeat economic data.
     
  • Norway's seasonally adjusted unemployment rate increased to 4.6 percent in the three months to June, above market expectations of 4.3 percent and the highest rate since the September-November 2016 period.
     
  • Separate report showed, Norway's industrial confidence indicator rose to -10.1 in the second quarter of 2020 from a revised -17.4 in the previous period, as output, total new orders and employment declined due to the impact of the coronavirus pandemic. 
     
  • USD/NOK trades 0.1 up at 9.2262, having touched a low of 9.0720 on Wednesday, its lowest since Jan 27. 
     
  • Immediate resistance is located at 9.2772 (10-DMA), close above could take it till 9.3152.
     
  • On the downside, support is around 9.1573, break below could take it till 9.1370.
  • Market Data
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