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Forex: EUR/NOK little changed after data

The Norwegian krone has posted no reaction after the manufacturing output in Norway rose 0.3% on a monthly basis during December, marching forecasts and bettering the previous contraction of 0.1%.

According to FI Strategist E.Blomgren at SEB, the economic picture remains the same with oil-related companies leading the way and export-oriented ones struggling to gather traction. The analyst also added that the manufacturing production is still in negative territory on a quarterly basis and would surely weight on the mainland GDP.

At the moment, the pair is up 0.09% at 7.4042 facing the next hurdle at 7.4770 (high Jan.18) ahead of 7.4846 (high Oct.26) and 7.4860 (Upper Bollinger).
On the downside, a breach of 7.4165 (MA200d) would aim for 7.4161 (MA21d) and finally 7.3870 (low Feb.5).

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