FxWirePro: Norwegian Krone extends losses as unemployment rate rises
Friday, July 24, 2020 11:44 AM UTC
- 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.