EUR/NOK drops to lows post-data, around 9.09

The Norwegian Krone is appreciating further vs. its European peer on Monday, now dragging EUR/NOK to daily lows near 9.0800.

EUR/NOK lower on upbeat data

NOK has picked up extra pace today after Retail Sales (excluding the Autos sector) in the Nordic economy have expanded more than initially estimated, up at a seasonally adjusted 0.9% on a monthly basis in October.

The so far recovery of crude oil prices is also lending extra oxygen to NOK, collaborating with the downside, while the current drop in USD/NOK has been also supportive of a stronger Krone.

Looking ahead, November’s Manufacturing PMI is due on Thursday ahead of the key Norges Bank monetary policy meeting on December 15, where consensus expects the central bank to keep its key rate unchanged at 0.5%.

EUR/NOK significant level

As of writing the cross is losing 0.09% at 9.0907 and a break above 9.1349 (high Nov.18) would aim for 9.1638 (high Nov.11) and finally 9.1826 (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).