EURNOK approaches 9.500 on Norges Bank

Norges Bank stays unchanged at today’s meeting, as expected.
NOK remains in multi-month lows.
Outlook for the Nordic economy remains unchanged from September.

Pablo Piovano FXStreet

The Norwegian Krone stays on the defensive on Thursday, taking EUR/NOK to the 9.4780/4800 band in the wake of the Norges Bank meeting.

EUR/NOK stays in multi-month tops

The cross is extending the rally on Thursday after the Norges Bank left unchanged the key rate at 0.50%, in line with prior surveys.

The Nordic central bank noted the outlook on the domestic economy remains unchanged from the latest monetary policy report back in September, adding that it is still necessary an expansionary monetary policy.

After assessing the outlook and the balance of risks, the Executive Board expects the key rate to remain at 0.50% in the period ahead.

Furthermore, the Norges Bank said the labour market continued to improve, while inflation and the exchange rate are somewhat below initial projections.

In the meantime, the cross is navigating its second consecutive week with gains, trading in levels last seen in early July near the 9.5000 mark.

EUR/NOK significant levels

As of writing the cross is gaining 0.34% at 9.4971 and a breakout of 9.5848 (high Jul.7) would expose 9.6310 (2017 high Jun.28) and finally 9.7511 (2016 high Jan.21). On the flip side, the next support lines up at 9.4303 (23.6% Fibo of the 2017 up move) followed by 9.3873 (21-day sma) and then 9.3787 (low Oct.23).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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