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EUR/NOK Slips as Norges Bank FX Purchases to Notably Slow in January

NOK
  • Norges Bank disclose that their daily FX purchases are to notably slow in January to NOK 350mln per day from the current clip of NOK 1.4bln.
  • The significant drop for January prompts a decent move in EUR/NOK, with the cross shedding 0.6% to touch a new daily low at 11.2045. Next notable downside undercuts at the Dec27 low of 11.1760. Clearance here would be the lowest levels since August.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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