FxWirePro: USD/NOK halts 4-day losing streak, finds support at 8.8500
The Norwegian Krone eased after rising to a 1-week peak earlier in the session on the back of upbeat economic data. Norway's retail trade increased 0.6 percent from a month earlier in July, following a 5.7 percent growth…
The Norwegian Krone eased after rising to a 1-week peak earlier in the session on the back of upbeat economic data.
Norway's retail trade increased 0.6 percent from a month earlier in July, following a 5.7 percent growth in June and missing market expectations of a 1.5 percent fall. Meanwhile retail trade jumped 13.8 percent from a year earlier in July, the most since the series began in 2001.
Separate data showed household consumption of goods in Norway increased 1.6 percent month-over-month in July, after a downwardly revised 4.8 percent rise in the previous month.
The weakness in the Norwegian currency comes in as the crude oil prices extended previous session losses, while the greenback steadied against a basket of currencies.
USD/NOK trades 0.6 percent higher at 8.9220, having touched a low of 8.8540 earlier, its lowest since August 19.
Immediate resistance is located at 8.9283 (7-EMA), close above could take it till 8.9465.
On the downside, support is around 8.8436, break below could take it till 8.8295.
