The Norwegian Krone nudged down after rising for five straight sessions, weighed by concerns that the output cuts by major oil producers will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.…
The Norwegian Krone nudged down after rising for five straight sessions, weighed by concerns that the output cuts by major oil producers will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
The Organization of the Petroleum Exporting Countries, Russia and other countries agreed to cut output by 9.7 million barrels per day (bpd) in May and June, representing about 10 percent of global supply.
USD/NOK trades 1.2 percent up at 10.2917, having touched a low of 10.1243 on Tuesday, its lowest March 16.
Immediate resistance is located at 10.3057 (7-EMA), and close above could take it till 10.3458.
On the downside, support is around 10.1570, break below could take it till 10.1240.
