FxWirePro: Norwegian Krone rebounds from an over 1-month low as oil prices surge
The Norwegian Krone rallied, rebounding from an over 1-month low as crude oil prices surged ahead of U.S. election. Crude oil prices extended gains amid a recovery in financial markets, although concerns over surging cor…
The Norwegian Krone rallied, rebounding from an over 1-month low as crude oil prices surged ahead of U.S. election.
Crude oil prices extended gains amid a recovery in financial markets, although concerns over surging coronavirus cases around the world limited upside.
International benchmark Brent crude was trading 2.4 percent up at $40.16 per barrel by 0945 GMT, having hit a low of $35.76 on Monday, its lowest since May 29. U.S. West Texas Intermediate was trading 2.8 percent higher at $38.10 a barrel, after falling as low as $33.67 on Monday, its lowest since May 29.
USD/NOK trades 1.6 percent lower at 9.4033, having touched a high of 9.6080 on Monday, its highest since September 25.
Immediate resistance is located at 9.5990, close above could take it till 9.6146.
On the downside, support is around 9.3847, break below could take it till 9.3665.
