- Analytics
- News and Tools
- Market News
- EUR/NOK and USD/NOK points to the upside – Nordea
EUR/NOK and USD/NOK points to the upside – Nordea
The Norwegian krone continued to weaken over the past week, mainly due to lower oil prices. Consolidation is likely the name of the game in the short-term, however, risks remain on the upside in both EUR/NOK and USD/NOK, economists at Nordea report.
NOK weakened during the past week
“Lower oil prices have led to a weaker NOK. Last week’s OPEC+ meeting resulted in an increase in production by 400K barrels/day, in line with the original plan from the cartel. What has likely contributed negatively to the oil price is a weaker demand outlook in China due to the resurgence of covid, and statements from President Biden that oil prices are unacceptably too high.”
“First resistance level for EUR/NOK is at 10.00 and then around 10.15. On the downside, 9.80 and then 9.75 are support levels.
“For USD/NOK, we have resistance around 8.60/8.70 on the upside, and support around 8.45 on the downside.”
“This week’s calendar is short. Inflation figures in the US and Norway will be released, but their effects on the NOK should be minor.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
