FxWirePro: USD/NOK held firm near 3-1/2 week peak, likely to test 10.7000
The Norwegian Krone consolidated near a 3-1/2 week low hit in the prior session as oil slumped to less than $16 a barrel, hitting its lowest since mid-1999. International benchmark Brent crude was trading 0.6 percent low…
The Norwegian Krone consolidated near a 3-1/2 week low hit in the prior session as oil slumped to less than $16 a barrel, hitting its lowest since mid-1999.
International benchmark Brent crude was trading 0.6 percent lower at $19.64 per barrel by 1040 GMT, having hit a low of $16.01 earlier, its lowest since June 1999.
The decline in oil prices is expected to continue with supply looking likely to outstrip demand for months to come.
USD/NOK trades 0.2 percent up at 10.6509, having touched a high of 10.6893 on Tuesday, its highest March 27.
Immediate resistance is located at 10.7000, and close above could take it till 10.7287.
On the downside, support is around 10.5319, break below could take it till 10.4955.
