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3 May 2013
Forex: EUR/NOK little changed after Norway data
FXstreet.com (Barcelona) - The Norwegian krone remained around 7.59 and 7.60 after the unemployment rate in the Scandinavian economy ticked lower to 2.6% during April vs. March’s 2.7% despite the increase by 84.18K from 83.02 in the registered unemployment.
Interesting week ahead for the NOK, as the Norges Bank will hold its monetary policy meeting on Wednesday, although market participants remain sceptics regarding a rate cut.
At the moment, the cross is up 0.19% at 7.5946 with the next resistance at 7.7025 (high Apr.24) ahead of 7.7150 (high Jan.18) and finally 7.7209 (high Jan.13).
On the downside, a break below 7.5855 (low Apr.30) would aim for 7.5702 (50% of 7.4380-7.7024) and then 7.5695 (MA100w).
Interesting week ahead for the NOK, as the Norges Bank will hold its monetary policy meeting on Wednesday, although market participants remain sceptics regarding a rate cut.
At the moment, the cross is up 0.19% at 7.5946 with the next resistance at 7.7025 (high Apr.24) ahead of 7.7150 (high Jan.18) and finally 7.7209 (high Jan.13).
On the downside, a break below 7.5855 (low Apr.30) would aim for 7.5702 (50% of 7.4380-7.7024) and then 7.5695 (MA100w).