EUR/NOK weaker, challenges 3-week lows

The Norwegian krone is sharply up vs. its European peer on Tuesday, relegating EUR/NOK to the area of multi-day lows around 9.2400.

EUR/NOK lower on Norges Bank, oil

NOK has picked up further pace after the barrel of Brent crude climbed to fresh 2016 highs in levels just shy of the $51.00 mark, advancing for the second session in a row.

Additionally, the Norges Bank’s Regional Network report informed that growth prospects have been revised marginally higher since February although the wider picture still remains weak for the next six months.

Data wise in the Nordic economy, Manufacturing Production has contracted more than expected 0.7% during April, reverting March’s 0.9% expansion.

EUR/NOK significant levels

As of writing the cross is retreating 0.40% at 9.2403 facing the next support at 9.2306 (low May 23) followed by 9.1988 (low May 17) and then 9.1824 (low Apr.27). On the other hand, a breakout of 9.2945 (20-day sma) would aim for 9.3261 (55-day sma) and finally 9.3941 (high May 4).