EUR/NOK off 2-month highs above 10.08
|- EUR/NOK trades close to YTD highs in the vicinity of 10.10.
- NOK gains some momentum after CPI came in above estimates.
- Brent crude stays sidelined around $58.00 per barrel.
The Norwegian Krone has regained some composure and is now dragging EUR/NOK back to the 10.06 region after climbing beyond 10.08 earlier in the session.
EUR/NOK looks to data, oil
The cross is trading on the defensive for the first time after three consecutive daily advances, although the up move in the cross remains well and sound for the second week in a row so far.
The Krone regained shine lost on Thursday after consumer prices in the Scandinavian economy surprised to the upside during September.
Indeed, headline consumer prices rose 0.5% inter-month and 1.5% from a year earlier, while the Core CPI YTD rose 2.2% (vs. 21.% exp.) and Core Inflation gained 0.6% on a monthly basis (vs. 0.5% forecasted).
Further data saw Producer Prices contracting at an annualized 10.7%.
In addition, the better tone in NOK comes on the back of the recovery in prices of the European reference Brent crude, which are approaching the $59.00 mark per barrel.
EUR/NOK significant levels
As of writing the cross is losing 0.17% at 10.0463 and a breach of 9.9954 (10-day SMA) would expose 9.9382 (55-day SMA) and finally 9.8855 (low Sep.30). On the upside, the next resistance aligns at 10.0856 (monthly high Oct.10) seconded by 10.0972 (high Aug.7) and then 10.1174 (monthly high Dec.2008).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.