FxWirePro: Norwegian Krone at 1-week peak as oil prices steady
Tuesday, October 27, 2020 11:58 AM UTC
- The Norwegian Krone rose to a 1-week as crude oil prices rebounded from recent lows.
- Crude oil prices steadied after tumbling to a 3-week low in the prior session as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.
- International benchmark Brent crude was trading 0.9 percent up at $40.81 per barrel by 1141 GMT, having hit a low of $40.20 on Monday, its lowest since October 5. U.S. West Texas Intermediate was trading 0.9 percent higher at $38.94 a barrel, after falling as low as $38.31 on Monday, its lowest since October 5.
- USD/NOK trades 0.6 percent lower at 9.1753, having touched a low of 9.1733 earlier, its lowest since October 13.
- Immediate resistance is located at 9.2622 (10-DMA), close above could take it till 9.2748 (21-DMA).
- On the downside, support is around 9.1605, break below could take it till 9.1414.