FxWirePro: Norwegian Krone retreats from 6-month peak as crude oil slump
The Norwegian Krone retreated from a 6-month peak, weighed down by a fall in oil prices, while the U.S. dollar rallied against a basket of currencies. Crude oil prices declined as rising coronavirus cases dampened the ou…
The Norwegian Krone retreated from a 6-month peak, weighed down by a fall in oil prices, while the U.S. dollar rallied against a basket of currencies.
Crude oil prices declined as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus.
International benchmark Brent crude was trading 0.1 percent down at $43.45 per barrel by 1047 GMT, having hit a low of $42.37 on Monday, its lowest since July 20. U.S. West Texas Intermediate was trading 0.7 percent lower at $41.40 a barrel, after falling as low as $40.51 on Monday, its lowest since July 20.
USD/NOK trades 0.3 down at 9.1161, having touched a low of 9.0490 earlier, its lowest since January.
Immediate resistance is located at 9.1772 (7-EMA), close above could take it till 9.2130 (10-DMA).
On the downside, support is around 9.0394, break below could take it till 9.0090.
