OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/NOK dips to lows

FXstreet.com (Barcelona) - The Norwegian krone lost 5 big figures soon after the release of the consumer prices in the Nordic economy during April, rising 0.6% on a monthly basis and 1.9% over the last twelve months, higher than March data at 0.3% and 1.4%m, respectively. Producer prices followed suit, contracting 1.6% on a yearly basis from the previous 3.4% drop.

It is worth noting that the NOK is appreciating for the third consecutive session so far, dragging the cross lower after the Norges Bank left the refi rate intact at 1.5% on Tuesday.

At the moment, the cross is losing 0.07% at 7.5329 with the next support at 7.5290 (low May 9) ahead of 7.4380 (low Apr.8) and finally 7.4275 (low Mar.13).
On the other hand, a break above 7.5655 (high May 9) would then target 7.5979 (50% Fibo 7.6667-7.5290) en route to 7.7025 (high Apr.24).

Forex Flash: BoK are the surprise doves - BBH

Brown Brothers Harriman analysts note that the Bank of Korea delivered a dovish surprise Thursday, cutting rates for the first time since October 2012.
Read more Previous

Forex Flash: AUD/NZD 1.2000, so what’s next? – TD Securities

With AUD/NZD is consolidating above 1.2000 after its tremendous performance against its closest counterpart, The New Zealand dollar, Alvin Pontoh, FX strategist at TD Securities in Singapore say’s that they are leaning towards expecting a reversal of AUDNZD weakness
Read more Next
Start livechat