FxWirePro: Norwegian Krone hovers towards 3-week high on better-than-expected unemployment data
Friday, July 3, 2020 10:54 AM UTC
- The Norwegian Krone nudged up, hovering towards a 3-week peak recorded in the prior session after the country’s unemployment rate fell in June.
- Norway’s unemployment rate fell back to 4.8 percent in June from May’s 6.4 percent.
- However, the Norwegian currency struggles to extend gains as crude oil prices eased, halting a 4-day winning streak.
- Crude oil price declined as the resurgence of the coronavirus globally and in the United States, stoked worries that a fuel demand recovery could stall.
- USD/NOK trades 0.1 percent lower at 9.5153, having touched a low of 9.4365 the day before, its lowest June 11.
- On Thursday, the pair slumped to a 3-week low but retraced to close 0.1 percent higher at 9.5267.
- Immediate resistance is located at 9.5822 (7-EMA), close above could take it till 9.6063 (20-EMA).
- On the downside, support is around 9.4855, break below could take it till 9.4365.