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The Norwegian Krone extended rebounds, hovering towards a near 2-month high as Norway taps sovereign wealth fund for record $41 billion.
According to a revised budget draft published yesterday, Norway is set to draw down a record amount of cash from its sovereign wealth fund, the largest in the world, to support its economy.
On Tuesday, the pair rose to an over 1-week peak but retraced to close 1.2 percent lower at 10.1593 below 55-EMA.
USD/NOK trades 0.4 percent down at 10.1176, having touched a low of 10.0919 on Tuesday, its lowest March 16.
Immediate resistance is located at 10.2310 (5-DMA), close above could take it till 10.2570 (10-DMA).
On the downside, support is around 10.0920 break below could take it till 10.0698.
