FXStreet (Edinburgh) – The daily decline in EUR/NOK seems to have found buyers around the 8.6900 neighbourhood on Wednesday.
EUR/NOK softer after data
The Norwegian krone gathered further steam following the higher than expected inflation figures in the domestic economy during last month. In fact, consumer prices matched estimates rising 0.2% MoM and 2.1% on an annualized basis, while Core CPI rose 0.5% inter-month and 2.4% over the last twelve months, vs. forecasts at 0.3% and 2.2%, respectively.
The krone strengthened in the wake of the release, pouring cold water over expectations of a rate cut by the Norges Bank at it next meeting, dragging the cross to weekly lows around 8.6900 at the same time.
EUR/NOK levels to consider
As of writing the cross is down 0.59% at 8.7269 with the next support at 8.6875 (low Jun.10) ahead of 8.6288 (daily cloud top) and then 8.5870 (100-d MA). On the other direction, a surpass of 8.7750 (high Jun.10) would clear the way towards 8.8670 (high Jun.5) and then 8.8760 (high Jan.29).
(Market News Provided by FXstreet)