FxWirePro: Norwegian Krone retreats from near 1-month low as oil rebounds
The Norwegian Krone retreated from a near 1-month trough as crude oil prices rebounded from multi-year lows. Crude oil prices surged, spurred by rising tensions in the Middle East, output cuts by producing nations and th…
The Norwegian Krone retreated from a near 1-month trough as crude oil prices rebounded from multi-year lows.
Crude oil prices surged, spurred by rising tensions in the Middle East, output cuts by producing nations and the promise of more government stimulus to ease the economic pain of the coronavirus pandemic.
International benchmark Brent crude was trading 4.5 percent higher at $21.73 per barrel by 1048 GMT, having hit a low of $15.91 on Wednesday, its lowest since June 1999.
USD/NOK trades 0.7 percent up at 10.6806, having touched a high of 10.8059 earlier, its highest March 25.
Immediate resistance is located at 10.8198, and close above could take it till 10.8323.
On the downside, support is around 10.6332, break below could take it till 10.5925.
