FxWirePro: Norwegian Krone hovers towards 3-week high on better-than-expected unemployment data
The Norwegian Krone nudged up, hovering towards a 3-week peak recorded in the prior session after the country’s unemployment rate fell in June. Norway’s unemployment rate fell back to 4.8 percent in June from May’s 6.4 p…
The Norwegian Krone nudged up, hovering towards a 3-week peak recorded in the prior session after the country’s unemployment rate fell in June.
Norway’s unemployment rate fell back to 4.8 percent in June from May’s 6.4 percent.
However, the Norwegian currency struggles to extend gains as crude oil prices eased, halting a 4-day winning streak.
Crude oil price declined as the resurgence of the coronavirus globally and in the United States, stoked worries that a fuel demand recovery could stall.
USD/NOK trades 0.1 percent lower at 9.5153, having touched a low of 9.4365 the day before, its lowest June 11.
On Thursday, the pair slumped to a 3-week low but retraced to close 0.1 percent higher at 9.5267.
Immediate resistance is located at 9.5822 (7-EMA), close above could take it till 9.6063 (20-EMA).
On the downside, support is around 9.4855, break below could take it till 9.4365.
