FxWirePro: Norwegian Krone rallies to 2-week peak on Norges bank actions
The Norwegian Krone rallied to a fresh 2-week peak as the market weighed the latest action by the Norges Bank and the government. Norway's central bank extended the period in which banks can access F-loans to the end of …
The Norwegian Krone rallied to a fresh 2-week peak as the market weighed the latest action by the Norges Bank and the government.
Norway's central bank extended the period in which banks can access F-loans to the end of March and announced its intention to sell foreign exchange on behalf of the government that will be equivalent to NOK 2000 million every day.
USD/NOK trades 1.3 percent lower at 10.3084, having touched an all-time high of 12.1224 earlier in the month.
Momentum indicators are bearish on hourly charts.
Immediate resistance is located at 10.5658 (7-EMA), and close above could take it till 10.5903 / 10.6506.
On the downside, support is around 10.1570, break below could take it till 10.0944.
