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EUR/NOK fades the spike post-CPI, back around 9.4600

  • Norwegian CPI missed estimates in October.
  • NOK depreciated beyond 9.48 in the wake of data.
  • The cross keeps the rangebound theme near term.

The Norwegian Krone recovered ground lost to the European single currency following lower-than-expected CPI figures, with EUR/NOK now returning to the 9.4600 neighbourhood.

EUR/NOK seen sidelined near term

NOK came under pressure earlier in the session after headline consumer prices tracked by the CPI rose below expectations at an annualized 1.2% and 0.1% inter-month in October.

Further data saw Core inflation rising at a monthly 0.3% and Core CPI YTD up 1.1%, both prints coming in above initial estimates. Further out, producer prices rose 9.0% over the last twelve months.

In the meantime, the cross remains within a sideline pattern around the 9.4600 handle, consolidating after October’s tops near the 9.5500 handle and always with Brent-dynamics acting as the main driver for the price action.

EUR/NOK significant levels

As of writing the cross is losing 0.08% at 9.4598 and a breakdown of 9.4439 (21-day sma) would open the door to 9.4289 (low Nov.7) and then 9.3754 (55-day sma). On the other hand, the next hurdle lines up at 9.5502 (high Oct.31) seconded by 9.5848 (high Jul.7) and finally 9.6310 (2017 high Jun.28).

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