EUR/NOK tumbles to lows near 9.03

The Norwegian Krone is appreciating further vs. its European peer on Thursday, taking EUR/NOK to the area of daily lows in the vicinity of the 9.03 handle.

EUR/NOK lower on EUR selling, data

The cross is navigating multi-day lows just above the psychological support at 9.000 the figure today following higher-than-expected inflation figures in the Nordic economy during last month.

In fact, consumer prices rose at an annualized 3.7% and 0.5% inter-month, bettering forecasts for a 3.5% and 0.5% gain, respectively. Core inflation has also followed suit, up 0.2% on a monthly basis.

Adding to the downside, the single currency has now intensified its selling bias, prompting the cross to retreat from yesterday’s multi-week tops above 9.2500 to current levels.

EUR/NOK significant levels

As of writing the cross is retreating 0.75% at 9.0356 and a breach of 8.9121 (low Oct.20) would expose 8.8937 (2016 low Oct.4) and finally 8.8167 (low Jul.16 2015). On the other hand, the next hurdle is located at 9.1124 (55-day sma) followed by 9.1388 (low Nov.4) and finally 9.2574 (spike Nov.9).