FxWirePro: Norwegian Krone retreats from 6-month peak as crude oil slump
Tuesday, July 28, 2020 10:52 AM UTC
- The Norwegian Krone retreated from a 6-month peak, weighed down by a fall in oil prices, while the U.S. dollar rallied against a basket of currencies.
- Crude oil prices declined as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus.
- International benchmark Brent crude was trading 0.1 percent down at $43.45 per barrel by 1047 GMT, having hit a low of $42.37 on Monday, its lowest since July 20. U.S. West Texas Intermediate was trading 0.7 percent lower at $41.40 a barrel, after falling as low as $40.51 on Monday, its lowest since July 20.
- USD/NOK trades 0.3 down at 9.1161, having touched a low of 9.0490 earlier, its lowest since January.
- Immediate resistance is located at 9.1772 (7-EMA), close above could take it till 9.2130 (10-DMA).
- On the downside, support is around 9.0394, break below could take it till 9.0090.