FxWirePro: USD/NOK halts 7-day losing streak as greenback rebounds from mutli-month trough
Thursday, June 4, 2020 11:39 AM UTC
- The Norwegian Krone eased from a near 3-month peak despite upbeat housing prices figures.
- Norwegian seasonally adjusted housing prices rose 1.4 percent between April and May, while on a year-on-year basis prices increased by 2.5 percent in May, Real Estate Norway said.
- The weakness in the Norwegian currency comes in as the greenback bounced back against a basket of currencies and the crude oil prices eased from recent peaks.
- Crude oil prices fell, extending previous session losses, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories.
- USD/NOK trades 0.1 percent down at 9.4620, having touched a low of 9.4236 on Wednesday, its lowest March 9.
- Immediate resistance is located at 9.5543, close above could take it till 9.6158 (10-DMA).
- On the downside, support is around 9.4396 break below could take it till 9.4033.