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NOK: NOKSEK Near Session Lows Amid Latest Crude Pullback

NOK
USGlobalCEEMEABulletNorwayMarketsForeign Exchange BulletsRegionNorth America

The pullback in crude futures (see above for more colour) has weighed on the Norwegian krone. Over the past two sessions, NOKSEK has retraced almost all of the Sep 30 to Oct 7 rally, currently 0.4% lower today. 

  • The latest price action reaffirms bearish technical conditions in NOKSEK, bringing the Sep 26 low at 0.9572 into view.
  • EURNOK and USDNOK have pushed to the highest levels since mid-September, with key resistance in both crosses seen at the Sep 11 highs (12.0087 in EURNOK, 10.9137 in USDNOK).
  • Norwegian September CPI is due at 0700BST/0800CET tomorrow. We will provide more colour on that release in due course.
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The pullback in crude futures (see above for more colour) has weighed on the Norwegian krone. Over the past two sessions, NOKSEK has retraced almost all of the Sep 30 to Oct 7 rally, currently 0.4% lower today. 

  • The latest price action reaffirms bearish technical conditions in NOKSEK, bringing the Sep 26 low at 0.9572 into view.
  • EURNOK and USDNOK have pushed to the highest levels since mid-September, with key resistance in both crosses seen at the Sep 11 highs (12.0087 in EURNOK, 10.9137 in USDNOK).
  • Norwegian September CPI is due at 0700BST/0800CET tomorrow. We will provide more colour on that release in due course.