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May 10, 2013
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).
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).