FxWirePro: Norwegian Krone near 1-week peak on upbeat economic data and oil price rally
The Norwegian Krone rallied, hovering towards a near 1-week peak hit in the prior session on upbeat economic data and rising crude oil prices. Norway's household consumption of goods rose by 3.9 percent month-over-month …
The Norwegian Krone rallied, hovering towards a near 1-week peak hit in the prior session on upbeat economic data and rising crude oil prices.
Norway's household consumption of goods rose by 3.9 percent month-over-month in September, after a revised 5.4 percent fall in the previous month.
Separate data showed the Norwegian economy grew 4.6 percent on quarter in July to September, the most since the series began in 1978, amid loosening lockdown measures. Mainland GDP, which excludes the largely petroleum-based offshore sector, advanced 5.2 percent in the third quarter, rebounding from a downwardly revised 6.0 percent contraction in Q2.
Crude oil prices surged, extending previous session gains on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine.
International benchmark Brent crude was trading 0.05 percent up at $43.99 per barrel by 0954 GMT, having hit a high of $45.27 on Wednesday, its highest since September 2. U.S. West Texas Intermediate was trading 0.05 percent higher at $41.45 a barrel, after rising as high as $43.18 on Wednesday, its highest since September 2.
USD/NOK trades 0.1 percent lower at 9.0426, having touched a low of 9.0203 on Monday, its lowest since November 11.
Immediate resistance is located at 9.1088, close above could take it till 9.1247.
On the downside, support is around 9.0114, break below could take it till 8.9995.
