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- The Norwegian Krone plunged to an over 1-week low, as crude oil prices slumped as new lockdown measures threaten demand recovery.
- Crude oil prices tumbled as new restrictions to stem a surge in COVID-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand.
- European countries are reviving curfews and lockdowns to try to contain the rise in new coronavirus cases.
- International benchmark Brent crude was trading 2.9 percent down at $42.20 per barrel by 1024 GMT, having hit a high of $43.54 on Friday, its highest since September 18. U.S. West Texas Intermediate was trading 3.01 percent lower at $39.85 a barrel, after rising as high as $41.44 on Friday, its highest since September 18.
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Moreover, a surge in the greenback against a basket of currencies and downbeat economic data further weakened the bid tone around the Norwegian currency.
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Norway's trade deficit widened sharply to NOK 8 billion in September from NOK 1.3 billion in the same month a year earlier, recording its largest trade deficit since June.
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USD/NOK trades 1.2 percent higher at 9.3482, having touched a high of 9.3724 earlier, its highest since October 7.
- Immediate resistance is located at 9.3973, close above could take it till 9.4316.
- On the downside, support is around 9.1997 (55-EMA), break below could take it till 9.1788.
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FxWirePro: Norwegian Krone at 1-week trough as oil declines on demand recovery concerns
Thursday, October 15, 2020 10:35 AM UTC
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