FxWirePro: USD/NOK consolidates within thin ranges ahead of OPEC+ meeting
Thursday, April 9, 2020 11:15 AM UTC
- The Norwegian Krone consolidated within narrow ranges near a 3-week peak hit earlier in the week ahead of OPEC+ meeting.
- Investors expectations the major oil-producing countries could agree to cut output at a video conference on Thursday.
- Hopes of a deal to cut 10 million to 15 million barrels per day rose after reports that Russia was ready to reduce its output by 1.6 million bpd and Algeria’s energy minister said he expected a fruitful meeting.
- USD/NOK trades flat at 10.2964, having touched a low of 10.1243 on Tuesday, its lowest March 16.
- Immediate resistance is located at 10.4014 (21-EMA), and close above could take it till 10.4265.
- On the downside, support is around 10.1570, break below could take it till 10.1240.