EUR/NOK keeps highs near 9.4500

The Norwegian krone is depreciating further vs. the shared currency, lifting EUR/NOK to the upper end of the range near the 9.4400 handle.

EUR/NOK higher as oil drops

NOK’s decline is gathering further traction after crude oil prices are extending its downside momentum for the fourth consecutive day, sending the barrel of Brent crude down more than 1% below the key $45.00 mark.

After a brief test of lows in the mid-9.4200s, the cross has retaken the earlier up move to fresh 3-week tops in the 9.4540 area, always with crude oil dynamics as the almost exclusive driver behind the price action.

Next of relevance in the Nordic economy will be Retail Sales and Unemployment figures due on Friday.

EUR/NOK significant levels

As of writing the cross is advancing 0.20% at 9.4384 facing the next hurdle at 9.4554 (high Jul.8) followed by 9.5794 (high Jun.24) and finally 9.7595 (2016 high Feb.11). On the flip side, a breach of 9.3567 (20-day sma) would aim for 9.3316 (55-day sma) and then 9.2778 (low Jul.14).