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20 May 2015
EUR/NOK drops to 8.3600
FXStreet (Edinburgh) - The Norwegian krone is now appreciating vs. the euro on Wednesday, dragging EUR/NOK to lows near 8.3600.
EUR/NOK weaker post-GDP
The pair saw its decline accelerated after the Norwegian economy expanded beyond consensus 0.2% inter-quarter during Q1 vs. the 0.1% contraction forecasted. In the same direction, the Mainland GDP grew 0.5% during the same period vs. 0.2% expected and up from the previous gain of 0.4%.
Further information showed that household consumption gained 0.7% as well as goods production other than manufacturing. On the opposite hand, manufacturing and mining retreated 0.8% while petroleum activities and ocean transport contracted 0.7%.
EUR/NOK levels to consider
As of writing the cross is down 0.09% at 8.3920 with the next support at 8.3630 (low May 20) followed by 8.3250 (low May 19) and then 8.3140 (low May 7). On the upside, a breakout of 8.4397 (high May 20) would open the door to 8.4961 (high May 6) and finally 8.5380 (high May 1).
EUR/NOK weaker post-GDP
The pair saw its decline accelerated after the Norwegian economy expanded beyond consensus 0.2% inter-quarter during Q1 vs. the 0.1% contraction forecasted. In the same direction, the Mainland GDP grew 0.5% during the same period vs. 0.2% expected and up from the previous gain of 0.4%.
Further information showed that household consumption gained 0.7% as well as goods production other than manufacturing. On the opposite hand, manufacturing and mining retreated 0.8% while petroleum activities and ocean transport contracted 0.7%.
EUR/NOK levels to consider
As of writing the cross is down 0.09% at 8.3920 with the next support at 8.3630 (low May 20) followed by 8.3250 (low May 19) and then 8.3140 (low May 7). On the upside, a breakout of 8.4397 (high May 20) would open the door to 8.4961 (high May 6) and finally 8.5380 (high May 1).