FxWirePro: USD/NOK hits 2-week trough, likely to test 10.2000
The Norwegian Krone rallied to an over 2-week peak, as the greenback continued to weaken against a basket of currencies. The Norwegian currency surged as crude oil prices jumped by more than 10 percent on signs that the …
The Norwegian Krone rallied to an over 2-week peak, as the greenback continued to weaken against a basket of currencies.
The Norwegian currency surged as crude oil prices jumped by more than 10 percent on signs that the U.S. crude glut is not growing as quickly as expected and of a rise in fuel demand
Moreover, Norway is expected to cut its oil production for the first time in 18 years, as Western Europe’s largest crude producer moves to respond to the coronavirus-linked crash in fuel demand.
USD/NOK trades 0.3 percent down at 10.2774, having touched a low of 10.2655 earlier, its lowest April 14.
Immediate resistance is located at 10.3596, and close above could take it till 10.3858.
On the downside, support is around 10.2323, break below could take it till 10.2020.
