FxWirePro: USD/NOK off 1-week low, next hurdle at 5-DMA
The Norwegian Krone eases, retreating from a 1-week peak hit in the prior session as the greenback rose against a basket of currencies. The dollar index rebounded as stimulus talks between U.S. lawmakers faced a setback …
The Norwegian Krone eases, retreating from a 1-week peak hit in the prior session as the greenback rose against a basket of currencies.
The dollar index rebounded as stimulus talks between U.S. lawmakers faced a setback on Wednesday when President Donald Trump accused Democrats of being unwilling to craft an acceptable compromise on fresh stimulus, despite reports of some progress earlier in the day.
Moreover, downbeat economic data further dented the bid tone around the Norwegian currency.
Norway's seasonally adjusted unemployment rate increased to 5.3 percent in the three months to September, above market expectations of 5.1 percent and the highest rate since the series began in January-March 1997 period.
However, the downside in the Norwegian currencies appears limited as crude oil prices surged from recent lows.
USD/NOK trades 0.4 percent higher at 9.2436, having touched a low of 9.1778 on Wednesday, its lowest since October 13.
Immediate resistance is located at 9.2917 (5-DMA), close above could take it till 9.3139 (21-DMA).
On the downside, support is around 9.1737, break below could take it till 9.1309.
