FxWirePro: Norwegian Krone surges to 2-week peak on upbeat housing data and oil price rally
The Norwegian Krone rallied to a 2-week peak following the release of upbeat housing data. Norway's house prices rose by 5.8 percent from a year earlier in September, the biggest increase since June 2017, amid low intere…
The Norwegian Krone rallied to a 2-week peak following the release of upbeat housing data.
Norway's house prices rose by 5.8 percent from a year earlier in September, the biggest increase since June 2017, amid low interest rates. On a seasonally adjusted monthly basis, house prices increased by 1.3 percent.
The Norwegian currency was also supported by a 4 percent rise in oil prices and a decline in the greenback.
Crude oil prices rose about 4 percent, boosted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday.
International benchmark Brent crude was trading 4.04 percent up at $40.70 per barrel by 1141 GMT, having hit a low of $38.77 on Friday, its lowest since June 15. U.S. West Texas Intermediate was trading 4.5 percent higher at $38.66 a barrel, after falling as low as $36.66 on Friday, its lowest since September 9.
The dollar index eased as investors awaited clarity on the health of U.S. President Donald Trump after he was tested positive for the coronavirus.
USD/NOK trades 0.3 percent lower at 9.2580, having touched a low of 9.2423 earlier, its lowest since September 21.
The pair plunged to a 2-week low earlier in the day but found strong support at 20-EMA.
Immediate resistance is located at 9.3410, close above could take it till 9.3695.
On the downside, support is around 9.2377 (20-EMA), break below could take it till 9.2192.
