FxWirePro: Norwegian Krone hits 3-week high as oil rallies on drop in U.S. crude stockpiles
Thursday, July 2, 2020 11:53 AM UTC
- The Norwegian Krone rallied to a 3-week peak as crude oil prices gained on falling in U.S. crude stockpiles.
- Crude oil price surged to a 1-week peak as a sharp decline in oil stockpiles outweighed concerns over a spike in U.S. coronavirus infections.
- U.S. Energy Information Administration data showed U.S. crude inventories fell 7.2 million barrels from a record high last week, as refiners ramped up production and imports eased.
- However, gasoline stockpiles were higher despite expectations of a drop.
- USD/NOK trades 0.3 percent lower at 9.4836, having touched a low of 9.4365 earlier, its lowest June 11.
- On Wednesday, the pair declined below major support 200-DMA to close at 9.5137.
- Immediate resistance is located at 9.5716, close above could take it till 9.6008.
- On the downside, support is around 9.3775, break below could take it till 9.3263.