FxWirePro: Norwegian Krone rebounds from an over 1-month low as oil prices surge
Tuesday, November 3, 2020 9:54 AM UTC
- 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.