FxWirePro: Norwegian Krone retreats from 1-week low as government unveils a $41 billion spending plan
The Norwegian Krone rebounded from a 1-week low hit earlier in the session after the government said it will spend $41 billion of its sovereign wealth fund to cushion the economy. On Monday, the pair fell to an over 1-mo…
The Norwegian Krone rebounded from a 1-week low hit earlier in the session after the government said it will spend $41 billion of its sovereign wealth fund to cushion the economy.
On Monday, the pair fell to an over 1-month low below major support 55-EMA but retraced to close 0.9 percent up at 10.2891
The Norwegian currency also strengthened after data showed the country's gross domestic product expanded 1.10 percent in the first quarter of 2020 over the same quarter of the previous year.
Moreover, weakness in the greenback further supported the bid tone around the Norwegian Krone.
USD/NOK trades 0.9 percent down at 10.1899, having touched a low of 10.1606 on Monday, its lowest April 9.
Immediate resistance is located at 10.3918 (21-DMA), close above could take it till 10.4651.
On the downside, support is around 10.1799 (55-DMA), break below could take it till 10.1298.
