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EUR/NOK Through 9.90 as Norges Bank Accelerate NOK Sales

NOK
  • NOK the notable underperformer in G10 so far Wednesday, trading lower against all others following confirmation from the Norges Bank that they are to sell NOK 3.5bln per day across September (effectively buying more FX for the sovereign wealth fund).
  • This is a notable uptick in FX activity from the August rate of NOK 1.5bln per day, as announced at end-July.
  • EUR/NOK now through 9.90 and trading at highest levels since mid-August. Next key resistance rests at the 200-dma of 10.0076.

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