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Forex: EUR/NOK firmly up, Norges Bank eyed

FXstreet.com (Barcelona) - The Norwegian krone is extending its weekly depreciation against the shared currency on Wednesday, after the monthly contraction of 0.7% in the Manufacturing Output in the Scandinavian economy during March. On a yearly basis, the manufacturing sector contracted 8.6%.

Ahead of the Norges Bank gathering due later, Analyst J.P.Sorensen at Danske Bank commented, “Given mounting speculation of a possible cut, if we are right that the policy rate will be left unchanged at 1.50% and that we will see governor Olsen and co adopt a relatively neutral tone, this should lead to higher rates in the short end and a stronger NOK in turn”.

EUR/NOK is up 0.20% at 7.6586 with the next resistance at 7.7025 (high Apr.24) followed by 7.7150 (high Jan.18) and finally 7.7209 (high Jan.13).
On the flip side, a breakdown of 7.6000 (low May 6) would then target 7.5800 (low May 3) en route to 7.5575 (low May 2).

Forex Flash: NZD drops on RBNZ commentary - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that NZD fell after RBNZ Governor Graeme Wheeler stated that the central bank had sold some kiwi to keep the currency from appreciating too much.
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Forex: USD/JPY pares losses to trade at 98.88/90

The USD/JPY has continued moving higher off of the 98.75 level Wednesday, tracing a recovery of nearly 10 pips throughout the European session thus far. While the cross remains in negative territory, down -0.10% off its opening, it has however ascended back to the 98.88/90 level in these moments.
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