FxWirePro: Norwegian Krone plunges to an over 1-month low as oil prices slip by 5 pct
The Norwegian Krone slumped to an over 1-month low as crude oil prices declined on worries over coronavirus lockdowns across Europe. Crude oil prices declined more than 5 percent to a 5-month low on worries the coronavir…
The Norwegian Krone slumped to an over 1-month low as crude oil prices declined on worries over coronavirus lockdowns across Europe.
Crude oil prices declined more than 5 percent to a 5-month low on worries the coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the U.S. presidential election week.
International benchmark Brent crude was trading 1.6 percent down at $37.24 per barrel by 0934 GMT, having hit a low of $35.76 earlier, its lowest since May 29. U.S. West Texas Intermediate was trading 2.1 percent lower at $34.98 a barrel, after falling as low as $33.67 earlier, its lowest since May 29.
However, the Norwegian currency's downside appears limited as Manufacturing PMI in Norway increased to 53.40 points in October from 50.70 points in September.
USD/NOK trades 0.2 percent higher at 9.5443, having touched a high of 9.6023 earlier, its highest since September 25.
Immediate resistance is located at 9.6160, close above could take it till 9.6335.
On the downside, support is around 9.4851, break below could take it till 9.4685.
