FxWirePro: Norwegian Krone retreats from near 4-week high on downbeat industrial data
Tuesday, July 7, 2020 10:58 AM UTC
- The Norwegian Krone eased from a near 4-week peak recorded in the prior session on the back of downbeat industrial data and a decline in the crude oil prices.
- Crude oil prices slumped on concerns that the surge in coronavirus cases in the United States will limit a recovery in fuel demand.
- International benchmark Brent crude was trading 1.2 percent down at $42.58 per barrel by 1049 GMT, having hit a high of $43.68 on Monday, its highest since June 23. U.S. West Texas Intermediate was trading 1.4 percent lower at $39.99 a barrel, after rising as high as $41.06 on Monday, its highest since June 23.
- Norway's industrial production increased 3.0 percent year-on-year in May, the least since January, easing from a 5.4 percent gain in the previous month, while manufacturing production decreased 8.20 percent in May over the same month in the previous year.
- USD/NOK trades 0.6 percent higher at 9.4486, having touched a low of 9.3487 earlier, its lowest June 11.
- Immediate resistance is located at 9.5042, close above could take it till 9.5320 (200-DMA).
- On the downside, support is around 9.3110, break below could take it till 9.2922.