FxWirePro: Norwegian Krone tumbles to 1-week trough on downbeat inflation figures
The Norwegian Krone plunged to a 1-week low following downbeat inflation data. Norway's annual inflation rate declined to 1.6 percent in November from 1.8 percent in the previous month, while annual core consumer prices …
The Norwegian Krone plunged to a 1-week low following downbeat inflation data.
Norway's annual inflation rate declined to 1.6 percent in November from 1.8 percent in the previous month, while annual core consumer prices eased to 2 percent in November, its the lowest core inflation in 13 months.
USD/NOK trades 0.3 percent higher at 9.1700, having touched a high of 9.1844 earlier, its highest since December 4.
Momentum indicators are bullish: RSI strong at 53.46 and Stoch are biased higher.
Immediate resistance is located at 9.1860, and close above could take it till 9.1940.
On the downside, support is around 9.1280, break below could take it till 9.1130.
Recommendation: Good to buy on dips around 9.1489, with stop loss at 9.1280, and target price of 9.1860.
