Back
1 Sep 2015
EUR/NOK in weekly highs around 9.4300
FXStreet (Edinburgh) - The single currency is now gathering traction across the board, pushing EUR/NOK to test the upper bound of the weekly range beyond 9.4300.
EUR/NOK firmer post-PMI
The Norwegian manufacturing PMI for the month of August has surprised investors to the downside today, coming in at 43.3 vs. forecasts for a tick higher to 46.0 from July’s 45.4 (revised lower from 45.8). The Norwegian economy continues to give signs of weakness apart from the negative effects of depressed crude oil prices.
In the meantime, market expectations for a rate cut by the Norges Bank in the next months remain on the rise, capping any bullish attempts in NOK for the time being.
EUR/NOK important levels
As of writing the cross is advancing 1.37% at 9.4119 with the next hurdle at 9.4904 (high Aug.27) followed by 9.5483 (high Aug.26) and finally 9.5544 (high Aug.24). On the other hand, a break below 9.3142 (low Sep.1) would open the door to 9.2642 (low Aug.31) and then 9.2313 (low Aug.28).
EUR/NOK firmer post-PMI
The Norwegian manufacturing PMI for the month of August has surprised investors to the downside today, coming in at 43.3 vs. forecasts for a tick higher to 46.0 from July’s 45.4 (revised lower from 45.8). The Norwegian economy continues to give signs of weakness apart from the negative effects of depressed crude oil prices.
In the meantime, market expectations for a rate cut by the Norges Bank in the next months remain on the rise, capping any bullish attempts in NOK for the time being.
EUR/NOK important levels
As of writing the cross is advancing 1.37% at 9.4119 with the next hurdle at 9.4904 (high Aug.27) followed by 9.5483 (high Aug.26) and finally 9.5544 (high Aug.24). On the other hand, a break below 9.3142 (low Sep.1) would open the door to 9.2642 (low Aug.31) and then 9.2313 (low Aug.28).