EUR/NOK jumps to tops near 9.15 post-NB

The Norwegian Krone is rapidly losing ground vs. its European peer on Thursday, lifting EUR/NOK to fresh tops in the 9.1400 neighbourhood.

EUR/NOK bid on steady NB

NOK met a wave of selling pressure after the Norges Bank (NB) left its key rate unchanged at today’s meeting, matching initial estimates.

The central bank justified its decision in the declining inflation figures in the Nordic economy in recent months despite inflation expectations remain ‘firmly anchored’.

The central bank added that the upturn in the real economy ‘appears to have taken hold’, while the unemployment has diminished. NB now expects consumer prices to pick up pace in the next months against the backdrop of the current loose monetary conditions.

In the meantime, the cross keeps the erratic performance so far this week, finding some decent support in sub-9.1000 levels and gains capped around last week’s peak around 9.2000 (YTD tops).

EUR/NOK significant levels

As of writing the cross is up 0.28% at 9.1455 and a surpass of 9.1982 (2017 high Mar.13) would aim for 9.2574 (high Nov.9) and then 9.3546 (high Sep.1). On the other hand, the immediate support aligns at 9.0901 (low Mar.16) followed by 9.0034 (100-day sma) and finally 8.9608 (20-day sma).