FXStreet (Edinburgh) – The Norwegian krone remains on the back footing vs. the shared currency today, with EUR/NOK hovering over the 9.26 handle.
EUR/NOK stronger post-data
NOK is suffering increasing selling pressure after the dovish tone from today’s Regional Network report from the Norges Bank. The Nordic central bank informed that the output has weakened further over the last three months, while it expects the activity to remain somewhat subdued in the periods ahead.
Lower crude prices and depressed activity in the petroleum industry have been signalled as the main drivers behind the gloomy prospects. In addition, the weaker krone has helped to boost competitiveness and growth in the manufacturing sector.
The next risk event for NOK will be the Norges Bank monetary policy meeting, due on September 24th.
EUR/NOK important levels
The cross is now advancing 0.37% at 9.2637 with the next hurdle expected at 9.3027 (high Sep.8) followed by 9.3872 (high Sep.2) and finally 9.4066 (high Aug.31). On the other hand, a breach of 9.1700 (low Sep.10) would aim for 9.1261 (low Sep.10) and then 9.0723 (low Aug.17).
(Market News Provided by FXstreet)