FxWirePro: Norwegian Krone gains ahead of Norges Bank policy decision
The Norwegian Krone nudged up as investors awaited Norway central bank interest rate decision due tomorrow. The Norges Bank cut its benchmark interest rate by 25 bps to a record low of 0 percent on May 7th 2020, its thir…
The Norwegian Krone nudged up as investors awaited Norway central bank interest rate decision due tomorrow.
The Norges Bank cut its benchmark interest rate by 25 bps to a record low of 0 percent on May 7th 2020, its third straight cut in borrowing costs since March.
USD/NOK trades 0.1 percent lower at 9.5509, having touched a high of 9.8119 on Monday, its highest May 28.
On Tuesday, the pair fell below 200-DMA but retraced to close 0.3 percent higher at 9.5624.
Immediate resistance is located at 9.6334 (20-EMA), close above could take it till 9.6983.
On the downside, support is around 9.4911 (200-DMA),.break below could take it till 9.4243 (10-DMA).
