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EUR/NOK extends recovery from monthly lows

FXStreet (Córdoba) - EUR/NOKhas extended its recovery from monthly lows during the American session, although the upside has been capped by the 21-day SMA so far.

EUR/NOK dropped nearly 4% from its 2015 high of 9.6259 reached late September, with the NOK underpinned by higher oil prices and a positive Norwegian inflation report released on Friday. The Norwegian CPI for September showed core inflation reached 3.1% YoY, while headline inflation rose to 2.1%. Core inflation has remained above the Norges Bank's 2.5% target for the last 4 months.

However, the pair found an interim bottom at 9.1505 from where it bounced on Monday, having recovered more than 150 pips over the last sessions. At time of writing, EUR/NOK is trading at 9.2696, up 0.89% on the day, with a high posted at 9.3149.

Meanwhile, USD/NOK is also staging a comeback from a 4-week low of 8.0462, and is trading back above the 100-day SMA, having struck a high of 8.1815 earlier on the day.

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