FxWirePro: USD/NOK plunges to 2-1/2 month low, likely to test 9.8000 level
The Norwegian Krone rallied to a 2-1/2 month peak following better-than-expected retail sales, household consumption and unemployment figures. Norway's retail sales increased 4.8 percent year-on-year in April, rebounding…
The Norwegian Krone rallied to a 2-1/2 month peak following better-than-expected retail sales, household consumption and unemployment figures.
Norway's retail sales increased 4.8 percent year-on-year in April, rebounding from a 0.9 percent fall in the previous month and against market expectations of a 2.5 percent decline.
Separate data showed household consumption of goods rose 2.5 percent month-over-month in April, swinging from an upwardly revised 4.2 percent fall in the previous month, its steepest growth in personal spending since January 2017.
The seasonally adjusted unemployment rate declined to 3.6 percent in the three months to March from 3.7 percent in the November 2019-January 2020 period, and below market expectations of 4.0 percent.
USD/NOK trades 0.5 percent down at 9.8383, having touched a low of 9.8300 earlier, its lowest March 12.
Immediate resistance is located at 9.9491, close above could take it till 9.9668.
On the downside, support is around 9.8158 break below could take it till 9.8000.
