FxWirePro: Norwegian Krone rallies to over 3-month peak on better-than-expected inflation figures
The Norwegian Krone rallied to a fresh 3-month peak following better-than-expected inflation data. Norway's annual inflation rate increased to 1.3 percent in May from 0.8 percent in the previous month, surpassing market …
The Norwegian Krone rallied to a fresh 3-month peak following better-than-expected inflation data.
Norway's annual inflation rate increased to 1.3 percent in May from 0.8 percent in the previous month, surpassing market expectations of 1.1 percent, its highest reading since January.
While core consumer prices increased 3 percent in May after rising 2.8 percent over the same month in the previous year.
The Norwegian currency was also supported by broad-based U.S. dollar weakness, although a drop in the crude oil prices due to a rise in crude and fuel stockpiles in the United States limited the upside.
USD/NOK trades 0.2 percent up at 9.2575, having touched a low of 9.1975 earlier, its lowest March 3.
Immediate resistance is located at 9.3089, close above could take it till 9.3489.
On the downside, support is around 9.1814 / 9.1753,.break below could take it till 9.1647.
