The Norwegian Krone declined, halting a 2-day rally as the U.S. oil prices slumped to its lowest level since 1999. On Monday, oil prices tumbled, depressed by concern that U.S. crude storage will soon be full while compa…
The Norwegian Krone declined, halting a 2-day rally as the U.S. oil prices slumped to its lowest level since 1999.
On Monday, oil prices tumbled, depressed by concern that U.S. crude storage will soon be full while companies prepare to report their worst quarterly earnings since the 2008 financial crisis.
USD/NOK trades 0.8 percent up at 10.3954, having touched a high of 10.5834 on Thursday, its highest April 6.
Earlier in the day, the pair fell to a near 1-week low but regained ground to trade above 5-DMA.
Immediate resistance is located at 10.4780, and close above could take it till 10.4985.
On the downside, support is around 10.2735, break below could take it till 10.2500.
