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EUR/NOK muted on CPI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Norwegian krone is depreciating vs. its European peer on Friday, sending EUR/NOK to session tops around 9.20 the figure.

    EUR/NOK indifferent on CPI

    NOK has remained apathetic after Norwegian consumer prices rose 0.6% from August to September, a tad lower than forecasts for a 0.7% gain. On a yearly basis, domestic prices rose 2.1%, up from 2.0% previous. Prices rose backed by increases in food, electricity and furniture, while lower fuel prices kept weighing on the index.

    In the view of analysts at Danske Bank, “In the short term, we still expect NOK to trade highly in tandem with risk sentiment and oil but maintain our medium- to long-term bullish NOK view targeting EUR/NOK at 8.80 in 12M”.

    EUR/NOK significant levels

    The cross is now advancing 0.18% at 9.1865 with the next resistance at 9.2832 (55-day sma) followed by 9.3383 (Fibo 61.8% of 9.6280-9.1629) and then 9.6280 (2015 top Sep.29). On the flip side, a breakdown of 9.1082 (100-day sma) would expose 8.8397 (200-day sma) and finally 8.8253 (low Jul.16).
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