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Forex: EUR/NOK down after record surplus in Norway

By FXstreet.com,  April 16, 2012, 06:22:00 AM EDT

FXstreet.com (Barcelona) - The Norwegian krone is sharply appreciating against the single currency after the Nordic economy has posted a surplus of NOK 46.4 billion in March - the largest ever - up from February's 45.3 billion. Higher value of mainland exports coupled with increasing crude oil prices - above NOK 700 for the first time - were the main drivers of the record level.
On an annualized basis, the trade surplus increased 46% when compared to March 2011's NOK 31.8 billion.

As of writing, EUR/NOK is losing 0.09% at 7.5626, with the next support at 7.5460 (low Apr.2) followed by 7.5325 (low Mar.19) then 7.5190 (high Feb.27) and the psychological level at 7.5000
On the upside, a breakout of 7.6270 (high Apr.12) would expose 7.6290 (MA100d) then 7.6480 (high Mar.30) and 7.6530 (high Mar.28).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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