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 month…
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.
