EUR/NOK clinches highs near 9.0800

After a test of the mid-9.0400s in early trade, EUR/NOK has managed to gather traction and advance to session tops in the vicinity of 9.0800 the figure.

EUR/NOK finds support near 9.0450

NOK has faded its initial gains after the unemployment rate in the Nordic economy has ticked lower to 4.8% during September, bettering consensus at 4.9% and coming down from August’s 4.9%.

However, the Norwegian Krone gave away initial gains after fresh estimates for investments in oil and gas, manufacturing, mining and quarrying and electricity supply showed a decline of 12.1% when compared with 2015, totalling NOK 218.8 billion. The lower figures are justified by a decline in the oil and gas sector. For 2017, total investments are seeing nearly NOK 197 billion.

In the meantime, NOK has deflated from yesterday’s multi-day tops vs. the single currency, finding a tough hurdle around the 9.01/9.0 region and extending the broader consolidative them between 9.0000 and 9.1500 for the time being.

EUR/NOK significant level

As of writing the cross is gaining 0.25% at 9.0750 and a break above 9.1349 (high Nov.18) would aim for 9.1638 (high Nov.11) and finally 9.1948 (100-day sma). On the other hand, the next support aligns at 9.0286 (low Nov.22) followed by 9.0202 (low Nov.10) and finally 8.9121 (low Oct.20).