FxWirePro: Norwegian Krone scales to 6-month peak as crude oil rallies
The Norwegian Krone rallied to a 6-month peak as oil prices extended previous session gains amid slight improvement in demand. Oil demand has improved somewhat from the deep trough of the second quarter, although the rec…
The Norwegian Krone rallied to a 6-month peak as oil prices extended previous session gains amid slight improvement in demand.
Oil demand has improved somewhat from the deep trough of the second quarter, although the recovery path is uneven as resumption of lockdowns in the United States and other parts of the world limited consumption.
International benchmark Brent crude was trading 0.4 percent up at $43.18 per barrel by 1050 GMT, having hit a high of $44.86 on Tuesday, its highest since March 6. U.S. West Texas Intermediate was trading 0.5 percent lower at $41.46 a barrel, after rising as high as $42.49 on Tuesday, its highest since March 6.
USD/NOK trades 0.7 down at 9.0833, having touched a low of 9.0582 earlier, its lowest since Jan 27.
Immediate resistance is located at 9.2063 (7-EMA), close above could take it till 9.2491 (10-DMA).
On the downside, support is around 9.0525, break below could take it till 9.0394.
