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11 May 2015
EUR/NOK climbs to highs post-CPI
FXStreet (Edinburgh) - The Norwegian krone is depreciating vs. the single currency on Monday, with EUR/NOK printing session highs beyond 8.4300.
EUR/NOK stronger on CPI
The cross climbed further after consumer prices in Norway rose 0.4% from March to April, with the main contributors being costs of recreation and culture. On a yearly basis, prices grew 2.0% largely following higher rents and price of furniture. Core prices rose less than expected 0.4% MoM and 2.1% over the last twelve months. In addition, Producer Prices contracted 5.6% on a year to April.
It is worth noting that the Norges Bank left its monetary policy unchanged at last week’s meeting, although it did not rule out a rate cut in June.
EUR/NOK levels to consider
As of writing the cross is up 0.38% at 8.4153 with the next hurdle at 8.4961 (high May 6) ahead of 8.5380 (high May 1) and finally 8.5445 (200-d MA). On the flip side, a breakdown of 8.3140 (low May 7) would open the door to 8.2990 (low Oct.24) and then 8.1625 (low Oct.7).
EUR/NOK stronger on CPI
The cross climbed further after consumer prices in Norway rose 0.4% from March to April, with the main contributors being costs of recreation and culture. On a yearly basis, prices grew 2.0% largely following higher rents and price of furniture. Core prices rose less than expected 0.4% MoM and 2.1% over the last twelve months. In addition, Producer Prices contracted 5.6% on a year to April.
It is worth noting that the Norges Bank left its monetary policy unchanged at last week’s meeting, although it did not rule out a rate cut in June.
EUR/NOK levels to consider
As of writing the cross is up 0.38% at 8.4153 with the next hurdle at 8.4961 (high May 6) ahead of 8.5380 (high May 1) and finally 8.5445 (200-d MA). On the flip side, a breakdown of 8.3140 (low May 7) would open the door to 8.2990 (low Oct.24) and then 8.1625 (low Oct.7).