FxWirePro: USD/NOK hits 3-1/2 week peak, outlook remains bullish
The Norwegian Krone plunged to a 3-1/2 week low after a Reuters poll showed Nordic nations face some of their worst economic downturns on record this year as the coronavirus pandemic shuts down many businesses. Norway’s …
The Norwegian Krone plunged to a 3-1/2 week low after a Reuters poll showed Nordic nations face some of their worst economic downturns on record this year as the coronavirus pandemic shuts down many businesses.
Norway’s economy is expected to shrink 3.6 percent, the biggest drop since the 1940s.
The selling pressure around the Norwegian currency intensified as U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut.
USD/NOK trades 1.6 percent up at 10.6100, having touched a high of 10.6875 earlier, 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 10.3910, break below could take it till 10.3676 (20-EMA).
