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FxWirePro: Norwegian Krone hits 1-week low as oil falls on rising COVID-19 infection cases

  • The Norwegian Krone slumped to a 1-week low as crude oil prices declined on COVID-19 surge. 
     
  • Crude oil prices declined, weighed down by fears about a slow recovery in the global economy and fuel demand due to an accelerating rise in COVID-19 infections. 
     
  • International benchmark Brent crude was trading 0.4 percent down at $43.18 per barrel by 0932 GMT, having hit a high of $45.27 on Wednesday, its highest since September 2. U.S. West Texas Intermediate was trading 0.6 percent lower at $40.18 a barrel, after rising as high as $43.08 on Wednesday, its highest since September 2.
     
  • USD/NOK trades 0.1 percent higher at 9.1768, having touched a high of 9.1916 earlier, its highest since November 6.
     
  • Immediate resistance is located at 9.2244 (EMA), close above could take it till 9.2415.
     
  • On the downside, support is around 9.1269, break below could take it till 9.0896.  
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