Friday, October 16, 2026

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FxWirePro: Norwegian Krone hovers towards 7-month peak on upbeat economic data

The Norwegian Krone rose, extending gains for the fifth straight sessions following the release of upbeat economic data. Norway's trade deficit narrowed to NOK 1.8 billion in July from NOK 10.4 billion deficit in the pre…

By FxWirePro Team
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FxWirePro: Norwegian Krone hovers towards 7-month peak on upbeat economic data
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  • The Norwegian Krone rose, extending gains for the fifth straight sessions following the release of upbeat economic data.
     
  • Norway's trade deficit narrowed to NOK 1.8 billion in July from NOK 10.4 billion deficit in the previous month. 
     
  • Moreover, weakness in the U.S. dollar also supported the upside in the Norwegian currency. 
     
  • USD/NOK trades 0.1 percent lower at 8.8662, having touched a low of 8.8528 on Thursday, its lowest since mid Janunary. 
     
  • On Friday, the pair attempted a minor recovery but found strong resistance at 7-EMA to close lower at 8.8778. 
     
  • Immediate resistance is located at 8.9119, close above could take it till 8.9491 (7-EMA).
     
  • On the downside, support is around 8.8430, break below could take it till 8.8204.  

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By FxWirePro Team