FxWirePro: Norwegian Krone rallies to 2-1/2 month peak on upbeat economic data and dollar weakness
The Norwegian Krone rallied to a new 2-1/2 month peak as the greenback slumped against a basket of currencies. The dollar index plunged to its lowest level since March 17 as traders awaited U.S. President Donald Trump’s …
The Norwegian Krone rallied to a new 2-1/2 month peak as the greenback slumped against a basket of currencies.
The dollar index plunged to its lowest level since March 17 as traders awaited U.S. President Donald Trump’s response to China’s tightening control over Hong Kong
Moreover, the Norwegian currency was supported by data showing Norway's general public’s domestic loan debt increased 4.6 percent year-on-year to NOK 6,149 billion at the end of April, easing from a 4.7 percent rise in the previous month and matching market expectations.
USD/NOK trades 0.8 percent down at 9.6921, having touched a low of 9.6907 earlier, its lowest March 12.
Immediate resistance is located at 9.8026, close above could take it till 9.8491.
On the downside, support is around 9.6834 break below could take it till 9.6349.
