FxWirePro: Norwegian Krone near 3-month peak as crude oil prices rally
The Norwegian Krone advanced to a near 3-month peak as the greenback plunged against a basket of currencies. The dollar index slumped as optimism over economies opening up again boosted risk appetite, amid worries over r…
The Norwegian Krone advanced to a near 3-month peak as the greenback plunged against a basket of currencies.
The dollar index slumped as optimism over economies opening up again boosted risk appetite, amid worries over riots in the United States and unease over Washington’s standoff with Beijing.
Moreover, the Norwegian currency was also supported by a rally in the crude oil prices.
Crude oil prices jumped to multi-month peaks as the Organization of the Petroleum Exporting Countries considered meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.
International benchmark Brent crude was trading 1.3 percent higher at $38.12 per barrel by 1153 GMT, having hit a high of $38.28 earlier, its highest since March 11. U.S. West Texas Intermediate was trading 0.7 percent up at $35.44 a barrel, after rising as high as $35.87 earlier, its highest since March 11.
USD/NOK trades down at 9.6980, having touched a low of 9.6134 earlier, its lowest March 11.
Immediate resistance is located at 9.8026, close above could take it till 9.8491.
On the downside, support is around 9.6000 break below could take it till 9.5868.
