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10 Apr 2015
EUR/NOK indifferent on CPI data
FXStreet (Edinburgh) - The Norwegian krone is posting marginal gains vs. the single currency on Friday, with EUR/NOK hovering over 8.6300.
EUR/NOK a tad weaker after data
The cross kept the composure today after headline consumer prices in the Norwegian economy surprised investors to the downside, rising 2.0% on a year to March and 0.3% inter-month; Core prices followed suit, gaining 0.4% MoM and 2.3% YTD.
Further data showed domestic Manufacturing Production expanding 1.2% MoM in February vs. 1.7% expected, albeit reverting the previous 3.7% contraction.
EUR/NOK important levels
The cross is now losing 0.17% at 8.6297 and a breakdown of 8.6170 (low Apr.1) would aim for 8.5385 (200-d MA) and finally 8.5350 (low Mar.26). On the upside, the immediate hurdle aligns at 8.7654 (high Apr.7) ahead of 8.7715 (100-d MA) and then 8.8000 (psychological level).
EUR/NOK a tad weaker after data
The cross kept the composure today after headline consumer prices in the Norwegian economy surprised investors to the downside, rising 2.0% on a year to March and 0.3% inter-month; Core prices followed suit, gaining 0.4% MoM and 2.3% YTD.
Further data showed domestic Manufacturing Production expanding 1.2% MoM in February vs. 1.7% expected, albeit reverting the previous 3.7% contraction.
EUR/NOK important levels
The cross is now losing 0.17% at 8.6297 and a breakdown of 8.6170 (low Apr.1) would aim for 8.5385 (200-d MA) and finally 8.5350 (low Mar.26). On the upside, the immediate hurdle aligns at 8.7654 (high Apr.7) ahead of 8.7715 (100-d MA) and then 8.8000 (psychological level).