6 Mar 2015
EUR/NOK off highs NEAR 8.5500
FXStreet (Edinburgh) - The Norwegian krone is sharply depreciating vs. the euro on Friday, lifting EUR/NOK to fresh session highs around 8.5600.
EUR/NOK higher post Norges Bank report
The krone saw its offered tone accelerated after the Norges Bank’s Regional Network Survey came in at 0.39, down from the previous 0.66. The report argued that output growth eased slightly, with weaker demand from the crude oil sector. In addition, the public sector was mostly signalled as behind the increased activity, while the lower krone kept boosting competitiveness; Capacity Utilization remained almost unchanged.
Over the next six months, growth is expected to ease further, with lower crude oil prices mainly weighing on expectations. In the same tone, household demand could trend lower.
EUR/NOK important levels
The cross is now up 0.30% at 8.5484 with the next resistance at 8.6520 (high Feb.19) ahead of 8.6841 (high Feb.5) and then 8.7144 (100-d MA). On the flip side, a breakdown of 8.5102 (low Mar.6) would expose 8.4875 (200-d MA) and finally 8.4000 (low Nov.21).
EUR/NOK higher post Norges Bank report
The krone saw its offered tone accelerated after the Norges Bank’s Regional Network Survey came in at 0.39, down from the previous 0.66. The report argued that output growth eased slightly, with weaker demand from the crude oil sector. In addition, the public sector was mostly signalled as behind the increased activity, while the lower krone kept boosting competitiveness; Capacity Utilization remained almost unchanged.
Over the next six months, growth is expected to ease further, with lower crude oil prices mainly weighing on expectations. In the same tone, household demand could trend lower.
EUR/NOK important levels
The cross is now up 0.30% at 8.5484 with the next resistance at 8.6520 (high Feb.19) ahead of 8.6841 (high Feb.5) and then 8.7144 (100-d MA). On the flip side, a breakdown of 8.5102 (low Mar.6) would expose 8.4875 (200-d MA) and finally 8.4000 (low Nov.21).