FxWirePro: Norwegian Krone slumps as oil decline on easing demand
The Norwegian Krone eased, extending retreat from a 5-month peak hit in the prior session as crude oil prices declined on concerns about rising U.S. oil inventories and a persistent surge in new coronavirus cases. On Wed…
The Norwegian Krone eased, extending retreat from a 5-month peak hit in the prior session as crude oil prices declined on concerns about rising U.S. oil inventories and a persistent surge in new coronavirus cases.
On Wednesday, the U.S. Energy Information Administration said U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, as a sharp rise in coronavirus cases begin to hit U.S. consumption.
International benchmark Brent crude was trading 0.5 percent down at $44.08 per barrel by 1142 GMT, having hit a high of $44.86 on Tuesday, its highest since March 6. U.S. West Texas Intermediate was trading 0.6 percent lower at $41.72 a barrel, after rising as high as $42.49 on Tuesday, its highest since March 6.
USD/NOK trades 0.4 up at 9.1690, having touched a low of 9.0720 on Wednesday, its lowest since Jan 27.
Immediate resistance is located at 9.2070 (5-DMA), close above could take it till 9.2317 (7-EMA).
On the downside, support is around 9.0813, break below could take it till 9.0509.
