FxWirePro: Norwegian Krone retreats from 1-week low as crude oil rallies
The Norwegian Krone rebounded from a 1-week low as the oil prices surged and the dollar declined across the board. Crude oil priced surged, supported by tighter supplies from major producers although concerns over a reco…
The Norwegian Krone rebounded from a 1-week low as the oil prices surged and the dollar declined across the board.
Crude oil priced surged, supported by tighter supplies from major producers although concerns over a record rise in global coronavirus infections that could stall a recovery in fuel demand limited upside.
International benchmark Brent crude was trading 0.1 percent higher at $42.02 per barrel by 1215 GMT, having hit a high of $42.90 on Friday, its highest since June 8. U.S. West Texas Intermediate was trading 0.2 percent up at $39.53 a barrel, after rising as high as $40.49 on Friday, its highest since June 8.
USD/NOK trades 0.1 percent lower at 9.6290, having touched a high of 9.7151 earlier, its highest June 15.
Immediate resistance is located at 9.7333, close above could take it till 9.7615.
On the downside, support is around 9.5460 (7-EMA),.break below could take it till 9.5004.
