EUR/NOK plummets to lows near 9.3200 on CPI

The Norwegian Krone is trading on a firm note on Thursday, dragging EUR/NOK to daily lows in the mid-9.3200s following the release of July’s inflation figures.

EUR/NOK weaker on data

NOK met fresh buyers after inflation figures tracked by the CPI showed consumer prices in the Nordic economy rising more than expected 1.5% on the year to July. On a monthly basis, prices rose 0.3%.

Further data saw core CPI YTD advancing 1.2% and core inflation gaining 0.3% inter-month. Additionally, producer prices rose at an annualized 1.8%, down from June’s 3.2% advance.

The cross is trading in the lower bound of the recent range after climbing as high as the vicinity of the 9.4000 handle during last week, as NOK has derived some support from crude oil prices.

EUR/NOK significant levels

As of writing the cross is retreating 0.25% at 9.3321 and a breakdown of 9.3209 (low Aug.10) would expose 9.3073 (low Aug.8) and then 9.2406 (low Jul.27). On the flip side, the next up barrier lines up at 9.3671 (100-day sma) seconded by 9.3937 (high Aug.4) and then 9.4361 (55-day sma).