FxWirePro: USD/NOK plunges to 2-1/2 month low, likely to test 9.8000 level
Wednesday, May 27, 2020 10:51 AM UTC
- The Norwegian Krone rallied to a 2-1/2 month peak following better-than-expected retail sales, household consumption and unemployment figures.
- Norway's retail sales increased 4.8 percent year-on-year in April, rebounding from a 0.9 percent fall in the previous month and against market expectations of a 2.5 percent decline.
- Separate data showed household consumption of goods rose 2.5 percent month-over-month in April, swinging from an upwardly revised 4.2 percent fall in the previous month, its steepest growth in personal spending since January 2017.
- The seasonally adjusted unemployment rate declined to 3.6 percent in the three months to March from 3.7 percent in the November 2019-January 2020 period, and below market expectations of 4.0 percent.
- USD/NOK trades 0.5 percent down at 9.8383, having touched a low of 9.8300 earlier, its lowest March 12.
- Immediate resistance is located at 9.9491, close above could take it till 9.9668.
- On the downside, support is around 9.8158 break below could take it till 9.8000.