The Norwegian krone is now gathering further traction vs. the single currency, dragging EUR/NOK to lows around the 9.3400 handle.
EUR/NOK weaker on CPI figures
NOK saw its demand accelerated after inflation figures in the Nordic economy has surpassed expectations during February. In fact, consumer prices have risen at an annualized pace of 3.1% (vs. 3.0% exp) and 0.5% inter-month (vs. 0.4% exp.). Core CPI has also followed suit, up 1.0% from the previous 0.1% contraction.
In addition, the strong rebound in crude oil prices has also been lending support to NOK, collaborating with the downside.
The cross is testing 3-day lows around 9.3400 and trading at shouting distance from YTD troughs at 9.3052 posted on Monday.
EUR/NOK significant levels
As of writing the cross is retreating 0.27% at 9.3544 facing the next support at 9.3052 (2016 lows Mar.7) followed by 9.1220 (monthly low Sep.10 2015) and then 9.0832 (monthly low Dec.2). On the other hand, a breakout of 9.4108 (23.6% Fibo of 9.7505-9.3052) would aim for 9.4552 (100-day sma) and finally 9.5418 (55-day sma).
(Market News Provided by FXstreet)
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