EUR/NOK jumps to daily highs post-CPI

The Norwegian Krone is trading on the defensive vs. its European peer on Friday, sending EUR/NOK to session peaks near the 8.9800 handle.

EUR/NOK higher on data

NOK faced a wave of selling orders after inflation figures tracked by the CPI showed consumer prices have risen in line with expectations during November, 0.2% inter-month and 3.5% over the last twelve months.

Further data saw Core Inflation contracting at a monthly 0.1% while Core CPI YTD rose at an annualized 2.6% vs. 2.9% initially estimated.

The cross keeps the area of 4-day lows around 8.9500, as NOK has been recently supported by the strong rebound of the barrel of Brent crude, which is today gaining smalls above the $54.00 mark.

EUR/NOK significant levels

As of writing the cross is up 0.17% at 8.9655 and a break above 9.0277 (high Dec.6) would expose 9.0415 (20-day sma) and then 9.0684 (high Dec.8). On the other hand, the next support lines up at 8.9392 (low Dec.8) followed by 8.9094 (low Dec.5) and finally 8.8937 (2016 low Oct.4).