FxWirePro: USD/NOK eases below 10.6000, outlook remains bearish
The Norwegian Krone surged, extending gains for the third straight session. The Norwegian currency strengthened as the greenback eased to a 1-week low after some analysts stated that the greenback is likely to fall in th…
The Norwegian Krone surged, extending gains for the third straight session.
The Norwegian currency strengthened as the greenback eased to a 1-week low after some analysts stated that the greenback is likely to fall in the long term because the Fed has eased monetary policy more aggressively than other central banks.
Last week the pair rallied to a near 1-month peak on data showing the Norwegian economy contracted 1.9 percent in the first quarter, the biggest drop since the 2008 financial crisis.
USD/NOK trades 0.5 percent down at 10.5435, having touched a high of 10.8059 on Thursday, its highest March 25.
Immediate resistance is located at 10.6890, and close above could take it till 10.7198.
On the downside, support is around 10.5156, break below could take it till 10.4910 (20-DMA).
