FxWirePro: Norwegian Krone rallies to 2-1/2 month peak on upbeat economic data and dollar weakness
Friday, May 29, 2020 11:16 AM UTC
- The Norwegian Krone rallied to a new 2-1/2 month peak as the greenback slumped against a basket of currencies.
- The dollar index plunged to its lowest level since March 17 as traders awaited U.S. President Donald Trump’s response to China’s tightening control over Hong Kong
- Moreover, the Norwegian currency was supported by data showing Norway's general public’s domestic loan debt increased 4.6 percent year-on-year to NOK 6,149 billion at the end of April, easing from a 4.7 percent rise in the previous month and matching market expectations.
- USD/NOK trades 0.8 percent down at 9.6921, having touched a low of 9.6907 earlier, its lowest March 12.
- Immediate resistance is located at 9.8026, close above could take it till 9.8491.
- On the downside, support is around 9.6834 break below could take it till 9.6349.