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27 Mar 2014
EUR/NOK drops to lows on NB
FXStreet (Edinburgh) - The Norwegian Krone is strongly appreciating against its European counterpart on Thursday, dragging the EUR/NOK to multi-day troughs below 8.3000.
EUR/NOK weaker on Norges Bank
The cross is trading on a soft tone after the Norges Bank left the refi rate unchanged at 1.5% in today’s meeting. Governor Olsen cited that the Nordic economy is performing in line with expectations, although growth prospects “have weakened somewhat”. All in all, rates would remain unchanged “in the period to summer 2015, followed by a gradual increase”, Olsen said. Regarding the inflation, prices are expected to be higher than previously forecasted.
EUR/NOK levels to watch
At the moment the cross is retreating 0.47% at 8.3018 with the next support at 8.2950 (low Mar.27) ahead of 8.2222 (low Mar.6) and finally 8.1964 (low Nov.21). On the flip side, a break above 8.3980 (high Mar.21) would aim for 8.4100 (high Feb.12) and then 8.4580 (high Feb.6).
EUR/NOK weaker on Norges Bank
The cross is trading on a soft tone after the Norges Bank left the refi rate unchanged at 1.5% in today’s meeting. Governor Olsen cited that the Nordic economy is performing in line with expectations, although growth prospects “have weakened somewhat”. All in all, rates would remain unchanged “in the period to summer 2015, followed by a gradual increase”, Olsen said. Regarding the inflation, prices are expected to be higher than previously forecasted.
EUR/NOK levels to watch
At the moment the cross is retreating 0.47% at 8.3018 with the next support at 8.2950 (low Mar.27) ahead of 8.2222 (low Mar.6) and finally 8.1964 (low Nov.21). On the flip side, a break above 8.3980 (high Mar.21) would aim for 8.4100 (high Feb.12) and then 8.4580 (high Feb.6).