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Forex: EUR/NOK retracing gains on better GDP

FXstreet.com (Barcelona) - The Norwegian krone is picking up pace against the euro on Thursday after hitting session lows in the boundaries of 7.5600, now dragging the cross to sub 7.5400 levels on better-than-expected GDP figures.

The economic activity in the Scandinavian country during the first quarter expanded 0.7% in ter-quarter, missing the median at 0.8%. “The details of the report showed another strong quarter of consumer spending and residential investment, while the main weak spot seemed to be on the investment side. Overall though Norway’s pace of growth is still the envy of most of the rest of the G10”, suggested Cristian Maggio, Senior Emerging Markets Strategist at TD Securities.

At the moment, the pair is flat at 7.5358 with the next resistance at 7.5665 (MA30d) followed by 7.5800 (high May 10).
On the flip side, a breakdown of 7.5180 (low May 10) would bring 7.4380 (low Apr.8).

Session Recap: Majors consolidate, AUD and NZD underperform

FX market saw a quiet European session on Thursday, with the dollar mixed across the board and most crosses consolidating within their recent ranges. The EUR/USD trades around 1.2875, virtually unchanged ahead of the NY, where investors will be watching for April inflation data, housing starts, building permits and initial jobless claims.
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Forex: EUR/NOK se retira de máximos

La corona noruega genera tracción frente a su par europea hoy jueves, arrastrando al cruce desde los máximos en las cercanías de 7.56 hasta los valores actuales por debajo de 7.54 después...
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