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EUR/NOK breached 8.20 post-NB

FXStreet (Edinburgh) - The Norwegian krone is sharply appreciating vs. the euro on Thursday, dragging the EUR/NOK to multi-day lows in sub-8.20 levels.

EUR/NOK weaker after Norges Bank

The krona gained further strength after the Norges Bank left the monetary policy unchanged today, with the repo rate intact at 1.5%. The Nordic central bank also estimates that the refi rate will remain at 1.5% in 2015 and 2016 and 2.0% in 2017. Regarding the economic growth projection, the NB sees the GDP expanding 2.25% in 2015 and 2.75% in 2016 and 2017. “We forecast Norwegian growth around trend in coming quarters and 2015, targeting EUR/NOK at 8.10 in 1M”, signaled Jens Pedersen, Senior Analyst at Danske Bank.

EUR/NOK relevant levels

The cross is now losing 1.01% at 8.2053 with the immediate support at 8.1970 (low Sep.18) followed by 8.1810 (61.8% of 8.0970-8.3170). On the flip side, a break above 8.2930 (200-d MA) would open the door to 8.3170 (high Sep.17).

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