FxWirePro: Norwegian Krone slumps to an over 1-month low amid volatile oil prices
Friday, October 30, 2020 10:28 AM UTC
- The Norwegian Krone plunged to an over 1-month low as crude oil prices remained poised for second monthly decline.
- Crude oil prices traded in a volatile market and remained on course for a second monthly fall as rising COVID-19 cases in Europe and the United States heighten concerns over fuel consumption.
- International benchmark Brent crude was trading 1.4 percent up at $38.09 per barrel by 1022 GMT, having hit a low of $36.62 on Thursday, its lowest since May 29. U.S. West Texas Intermediate was trading 0.2 percent lower at $36.01 a barrel, after falling as low as $34.95 on Thursday, its lowest since June 15.
- USD/NOK trades 0.1 percent higher at 9.5445, having touched a high of 9.5990 earlier, its highest since September 25.
- Immediate resistance is located at 9.6160, close above could take it till 9.6335.
- On the downside, support is around 9.4685, break below could take it till 9.4464.