FxWirePro: USD/NOK retreats from multi-week lows, intraday bias bullish
The Norwegian Krone declined, retreating from an over 1-month peak hit earlier in the session. The Norwegian currency benefited from the upbeat economic data, which showed Norway's annual inflation rate inched higher to …
The Norwegian Krone declined, retreating from an over 1-month peak hit earlier in the session.
The Norwegian currency benefited from the upbeat economic data, which showed Norway's annual inflation rate inched higher to 0.8 percent in April from 0.7 percent in the previous month, beating market expectations of 0.4 percent.
While the core consumer prices in Norway increased 2.80 percent in April over the same month in the previous year.
The pair broke below major support 55-EMA but retraced to trade 0.3 percent higher for the day as the greenback surged across the board.
USD/NOK trades 0.3 percent up at 10.2284, having touched a low of 10.1606 earlier, its lowest April 9.
Immediate resistance is located at 10.2735 (7-EMA), close above could take it till 10.2884.
On the downside, support is around 10.1298, break below could take it till 10.1006.
