FxWirePro: USD/NOK break above 9.4000 following downbeat Norwegian unemployment data
Wednesday, September 23, 2020 10:57 AM UTC
- The Norwegian Krone tumbled to a fresh 2-1/2 month low following the release of downbeat employment data.
- Norway's seasonally adjusted unemployment rate increased to 5.2 percent in the three months to August. The number of unemployed increased by 32,000 from the three months to April to 148,000, while the number of employed declined by 30,000 to 2.688 million.
- Moreover, strength in the greenback against a basket of currencies also weighed on the Norwegian currency.
- The dollar index held near 6-week highs, supported by positive U.S. economic data and concerns about a second wave of coronavirus infections in Europe and Britain.
- USD/NOK trades 0.6 percent higher at 9.3930, having touched a high of 9.4083 earlier, its highest since July 14.
- Immediate resistance is located at 9.4241, close above could take it till 9.4505.
- On the downside, support is around 9.3023, break below could take it till 9.2615.