EUR/NOK paring early gains
Forex pairs in this Article »
EUR/NOK
FXstreet.com (Barcelona) - The Norwegian krone has sharply depreciated against the euro after inflation figures in Norway came in softer than expected. Core CPI rose 1.2% in June, below Norges Bank's forecast.
According to FI Strategist at SEB, E.Blomgren, lower inflation was due to a decline in prices of furniture, clothes and food. The expert also suggests that inflation figures wouldn't justify a rate cut in the upcoming months or the central bank would raise rates earlier.
In another direction, Norwegian government has intervened to prevent a shut down in the oil production ealier on in the European morning, giving NOK an extra impulse.
EURNOK is up 0.05% at 7.4910 with the next resistance at 7.5107 (MA10d) followed by 7.5254 (high Jul.9) then 7.5313 (high Jul.6) and 7.5331 (MA30d).
On the downside, a breakdown of 7.4600 (low Jul.5) would bring 7.4547 (Lower Bollinger) then 7.4000 (psychological level) and 7.3927 (2012 low Mar.5).
According to FI Strategist at SEB, E.Blomgren, lower inflation was due to a decline in prices of furniture, clothes and food. The expert also suggests that inflation figures wouldn't justify a rate cut in the upcoming months or the central bank would raise rates earlier.
In another direction, Norwegian government has intervened to prevent a shut down in the oil production ealier on in the European morning, giving NOK an extra impulse.
EURNOK is up 0.05% at 7.4910 with the next resistance at 7.5107 (MA10d) followed by 7.5254 (high Jul.9) then 7.5313 (high Jul.6) and 7.5331 (MA30d).
On the downside, a breakdown of 7.4600 (low Jul.5) would bring 7.4547 (Lower Bollinger) then 7.4000 (psychological level) and 7.3927 (2012 low Mar.5).
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