FxWirePro: Norwegian Krone hits 4-week peak as crude oil surge
Thursday, July 9, 2020 10:57 AM UTC
- The Norwegian Krone rallied to a 4-week high as crude oil prices surged on gasoline recovery signs
- Crude oil prices rallied as signs of a recovery in U.S. gasoline demand outweighed concerns about renewed COVID-19 lockdowns in the United States.
- International benchmark Brent crude was trading 0.1 percent up at $43.36 per barrel by 1051 GMT, having hit a high of $43.68 on Monday, its highest since June 23. U.S. West Texas Intermediate was trading 0.1 percent lower at $40.80 a barrel, after rising as high as $41.07 on Wednesday, its highest since June 23.
- USD/NOK trades 0.05 percent lower at 9.3749, having touched a low of 9.3392 earlier, its lowest June 11.
- Immediate resistance is located at 9.4471 (5-DMA), close above could take it till 9.4722 (7-EMA).
- On the downside, support is around 9.3110, break below could take it till 9.2922.