FxWirePro: USD/NOK halts 7-day losing streak as greenback rebounds from mutli-month trough
The Norwegian Krone eased from a near 3-month peak despite upbeat housing prices figures. Norwegian seasonally adjusted housing prices rose 1.4 percent between April and May, while on a year-on-year basis prices increase…
The Norwegian Krone eased from a near 3-month peak despite upbeat housing prices figures.
Norwegian seasonally adjusted housing prices rose 1.4 percent between April and May, while on a year-on-year basis prices increased by 2.5 percent in May, Real Estate Norway said.
The weakness in the Norwegian currency comes in as the greenback bounced back against a basket of currencies and the crude oil prices eased from recent peaks.
Crude oil prices fell, extending previous session losses, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories.
USD/NOK trades 0.1 percent down at 9.4620, having touched a low of 9.4236 on Wednesday, its lowest March 9.
Immediate resistance is located at 9.5543, close above could take it till 9.6158 (10-DMA).
On the downside, support is around 9.4396 break below could take it till 9.4033.
