EUR/NOK drops to lows, near 9.17

By FXStreet FXStreet (Edinburgh) – The Norwegian krone is sharply appreciating vs. the single currency on Thursday, sending EUR/NOK to test session lows around 9.1700.

EUR/NOK weaker following data

NOK has been revitalized after inflation figures in the Nordic economy have surprised investors to the upside during August. In fact, headline consumer prices rose at an annual pace of 2.0%, while Core prices gained 2.9% on a yearly basis.

The Norwegian krone is picking up pace and reverted the initial weakness seen overnight. In addition, NOK has quickly shrugged off news that the IMF has revised lower its near-term outlook on Norway, mainly backed by the lower oil prices although expressing concerns regarding the housing sector.

EUR/NOK important levels

The cross is now retreating 0.41% at 9.1730 with the next support at 9.1261 (low Sep.10) followed by 9.0723 (low Aug.17) and then 9.0493 (low Aug.13). On the flip side, a breakout of 9.2547 (high Sep.10) would aim for 9.3098 (low Sep.7) and finally 9.3872 (high Sep.2).
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Source:: FX Street