EUR/NOK retreats from highs, near 9.03

The Norwegian Krone is depreciating further vs. its European peer on Monday, with EUR/NOK slipping back to sub-9.04 levels after testing highs near 9.06.

EUR/NOK higher post-data

NOK met further selling pressure after the trade surplus in the Nordic economy has come in at just NOK 3.2 billion during September, with Statistics Norway reporting large ships imports in contrast with modest exports of natural gas.

Further data from the Nordic economy saw Sales of Petroleum Products expanding 3.7% on a year to September to 755 million litres.

In the meantime, the cross is advancing for the third session in a row and putting further distance from recent 2016 troughs in the 8.90 region recorded on October 4.

EUR/NOK significant levels

As of writing the cross is up 0.18% at 9.0361 facing the next hurdle at 9.0981 (high Oct.10) followed by 9.1501 (high Sep.26) and finally 9.1913 (55-day sma). On the other hand, a breach of 8.8937 (2016 low Oct.4) would expose 8.8167 (low Jul.16 2015) and then 8.6021 (low Jun.29 2015).