• The Norwegian Krone declined after rising to an over 1-year peak in the prior session following soft economic data, while the greenback surged against a basket of currencies. 
   
• Norway's current account surplus narrowed to NOK 20.48 billion in the second quarter of 2020 from NOK 27.02 billion in the same period the prior year, recording its smallest current account surplus since the fourth quarter 2017, as the goods and services posted a deficit of NOK 7.73 billion.
   
• The dollar index rebound after data released yesterday showed the U.S. manufacturing activity accelerated to a near 2-year high in August, suggesting that the economic activity in the manufacturing sector continued to expand at a robust pace. 
   
• However,  the downside in the Norwegian currency appears limited as crude oil prices rose on U.S. stock draw and economic recovery optimism.
   
• Crude oil prices extended previous session gains after a bigger-than-expected draw in U.S. crude stockpiles fuelled optimism of a recovery from the pandemic. 
   
• U.S. crude inventories fell by 6.4 million barrels in the week to Aug. 28 to about 501.2 million barrels, the American Petroleum Institute said. Meanwhile gasoline stocks fell by 5.8 million barrels, more than analysts' estimates of a draw of 3.0 million barrels. 
   
• International benchmark Brent crude was trading 0.1 percent up at $45.82 per barrel by 0850 GMT, having hit a high of $46.50 on Monday, its highest since March 6. U.S. West Texas Intermediate was trading 0.05 percent up at $43.01 a barrel, after rising as high as $43.75 last week, its highest since March 6.
   
• USD/NOK trades 0.3 percent higher at 8.7859, having touched a low of 8.6506 on Tuesday, its lowest since July 2019.
   
• Immediate resistance is located at 8.8200 (7-EMA) close above could take it till 8.8572.
   
• On the downside, support is around 8.7255, break below could take it till 8.7074.