EUR/NOK clinches highs near 9.5400 post-CPI

The Norwegian Krone is posting moderate losses vs. its European peer at the end of the week, lifting EUR/NOK to test fresh daily tops in the 9.5400 neighbourhood.

EUR/NOK bid after data

NOK met fresh sellers after inflation figures tracked by the CPI in Norway failed to surprise market participants today. In fact, consumer prices rose at an annualized 2.1% (from 2.2%) in May and 0.2% inter-month (from 02%).

Further data saw Core Inflation rising 0.3% MoM and Core CPI YTD advancing 1.6% (vs. 1.5% expected), while producer prices advanced 8.9% over the last twelve months.

Statistics Norway said the increase in food prices following the rise in Easter sales during April were mainly behind today’s figures as well as higher fuel prices.

NOK is also deriving some selling pressure from the softer tone in crude oil prices, with the barrel of Brent crude down smalls around $47.70.

The cross is thus reverting part of yesterday’s drop, although it so far manages to stay close to the area of YTD tops around 9.5800.

EUR/NOK significant levels

As of writing the cross is gaining 0.16% at 9.5381 facing the next up barrier at 9.5810 (high Jun.7) seconded by 9.5817 (2017 high May 5) and then 9.7511 (2016 high Jan.21). On the other hand, a breach of 9.4591 (23.6% Fibo of the April-May up move) would expose 9.4381 (20-day sma) and finally 9.3229 (low May 5).