• The Norwegian Krone rose, hovering towards a 2-1/2 month peak hit in the prior session following upbeat economic data.
   
• Norway's annual inflation rate inched up to 1.7 percent in October 2020 from 1.6 percent in the previous month and matching market expectations. On a monthly basis, consumer prices rose 0.3 percent, while the core index inched up 0.1 percent. 
   
• Core consumer prices in Norway increased 3.40 percent in October over the same month in the previous year. Meanwhile, producer prices declined by 6.0 percent year-on-year in October, after a 9.6 percent plunge in the previous month. 
   
• Moreover, a rise in crude oil prices also supported the Norwegian currency.
   
• Crude oil surged, supported by comments from Saudi Arabia’s energy minister, who said that the Organization of the Petroleum Exporting Countries and its allies, could take more oil off the market if demand slumps before the vaccine is available.
   
• OPEC+ agreed to cut supply by 7.7 million barrels per day from August through December to help support prices and then ease the cut to 5.7 million bpd from January.
   
• International benchmark Brent crude was trading 2.1 percent up at $42.88 per barrel by 1058 GMT, having hit a high of $43.46 on Monday, its highest since October 9. U.S. West Texas Intermediate was trading 1.9 percent higher at $40.58 a barrel, after rising as high as $41.29 on Monday, its highest since October 21.
   
• USD/NOK trades 0.05 percent lower at 9.0320, having touched a low of 8.9644 on Monday, its lowest since September 10.
   
• Immediate resistance is located at 9.0772, close above could take it till 9.0961.
   
• On the downside, support is around 8.9882, break below could take it till 8.9696.