EUR/NOK stays around 9.7000, near session lows
|- NOK picks up pace following the rally in crude oil.
- The cross drops and test new multi-day lows around 9.6800.
- Norway’s manufacturing PMI came in a tad above estimates.
The Norwegian Krone is picking up further pace today and keeps EUR/NOK under downside pressure in sub-9.7000 levels, or multi-day lows.
EUR/NOK weaker on oil gains
The cross came under renewed and strong selling pressure at the beginning of the week, following the rest of the risk-associated assets as well as the oil-related currencies.
In fact, NOK appreciates to fresh tops vs. the single currency following a sharp raise in prices of the European reference Brent crude, which managed to retake the $61.00 mark and above per barrel in response to alleviated US-China trade concerns.
In addition, although on a lesser degree, NOK is deriving some extra support from November’s manufacturing PMI, which surpassed estimates at 56.1.
All the attention now should be on the upcoming OPEC+ meeting on December 6-7 in Vienna, where the cartel could announce fresh oil output cuts.
EUR/NOK significant levels
As of writing the cross is down 0.29% at 9.7017 facing the next support at 9.6743 (low Dec.3) seconded by 9.6537 (21-day SMA) and then 9.5006 (low Nov.8). On the upside, a break above 9.7713 (high Nov.21) would aim for 9.7806 (high Aug.28) and finally 9.8079 (high Sep.7).
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.