The Norwegian Krone eased, halting a 2-day rally, weighed down by broad-based greenback strength and a drop in the crude oil prices. Crude oil prices declined, retreating from recent peaks as a higher than expected rise …
The Norwegian Krone eased, halting a 2-day rally, weighed down by broad-based greenback strength and a drop in the crude oil prices.
Crude oil prices declined, retreating from recent peaks as a higher than expected rise in U.S. inventories refocused investors on the risk of oversupply amid a coronavirus-driven slump in fuel demand.
International benchmark Brent crude was trading 3.5 percent lower at $30.84 per barrel by 1157 GMT, having hit a high of $32.21 earlier, its highest since April 14. U.S. West Texas Intermediate was trading 3.6 percent down at $26.13 a barrel, after rising as high as $27.95 earlier in the session, its highest since April 9.
USD/NOK trades 0.2 percent down at 10.2609, having touched a low of 10.2037 on Thursday, its lowest April 14.
Immediate resistance is located at 10.3348 (7-EMA) and close above could take it till 10.3779.
On the downside, support is around 10.2037, break below could take it till 10.1619 (55-EMA).
