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FxWirePro: Norwegian Krone retreats from near 4-week high on downbeat industrial data

  • The Norwegian Krone eased from a near 4-week peak recorded in the prior session on the back of downbeat industrial data and a decline in the crude oil prices.
     
  • Crude oil prices slumped on concerns that the surge in coronavirus cases in the United States will limit a recovery in fuel demand.
     
  • International benchmark Brent crude was trading 1.2 percent down at $42.58 per barrel by 1049 GMT, having hit a high of $43.68 on Monday, its highest since June 23. U.S. West Texas Intermediate was trading 1.4 percent lower at $39.99 a barrel, after rising as high as $41.06 on Monday, its highest since June 23.
     
  • Norway's industrial production increased 3.0 percent year-on-year in May, the least since January, easing from a 5.4 percent gain in the previous month, while manufacturing production decreased 8.20 percent in May over the same month in the previous year.
     
  • USD/NOK trades 0.6 percent higher at 9.4486, having touched a low of 9.3487 earlier, its lowest June 11. 
     
  • Immediate resistance is located at 9.5042, close above could take it till 9.5320 (200-DMA).
     
  • On the downside, support is around 9.3110, break below could take it till 9.2922.
  • Market Data
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