EUR/NOK eases from tops, around 9.3800

The Norwegian Krone pared initial losses vs. the single currency, prompting EUR/NOK to reverse the initial spike to daily highs near 9.4000 the figure.

EUR/NOK weaker post-data

NOK met a bout of selling pressure after today’s survey indicated that companies’ investment estimate for the next year within oil and gas, manufacturing, mining and quarrying are expected at around NOK 192K billion, 3% lower than the corresponding figure for the current year.

Lower investment in Oil and gas are mainly behind the decrease, although the figures were mitigated by higher investment in electricity supply and manufacturing.

Additional data showed the unemployment rate ticked higher to a seasonally adjusted 4.5% in March from 4.3%. The unemployed persons rose to 124K in the three months ended in April.

The cross is thus advancing for the first session after three consecutive daily declines, all backed on the robust performance of crude oil prices, with the barrel of Brent crude gaining almost 17% since May’s lows in the $46.60 region to yesterday’s top beyond the $54.00 mark.

EUR/NOK significant levels

As of writing the cross is advancing 0.13% at 9.3791 and a breakout of 9.3993 (high May 24) would aim for 9.4591 (23.6% Fibo of the April-May rally) and then 9.5778 (2017 high May 5). On the other hand, the next up barrier is located at 9.3263 (50% Fibo of the April-May rally) followed by 9.3120 (low May 19) and finally 9.2509 (55-day sma).