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EUR/NOK bounces off daily lows following the Norges Bank raised rates

  • EUR/USD rebounds from lows in the 9.8400 zone on Thursday.
  • The Norges Bank hiked the policy rate by 50 bps to at least one 1.75%.
  • Mainland Norway GDP expanded 0.7% QoQ in the next quarter.

The Norwegian kroner gives away area of the earlier gains and motivates EURNOK to rebound from earlier lows near 9.8400 on Thursday.

EUR/NOK remains on the defensive post-Norges Bank decision

EUR/NOK fades pat of Wednesdays string advance following better tone in NOK following the Norges Bank raised the policy rate by 50 bps to at least one 1.75% at its meeting on Thursday, matching the broad consensus.

The Nordic central bank also gave an upbeat assessment of the Scandinavian economy, highlighting the solid economic activity, low employment and the tiny spare capacity, all in a context where inflation keeps running greater than initially projected and well above the banks 2.0% goal.

The Norges Bank also left the entranceway available to another rate hike at the September event.

Additional buying interest round the kroner originates from the up to now modest gains in prices of the European benchmark Brent crude, which increases Wednesdays gains close to the $94.00 mark per barrel.

Further data in Norway saw the Mainland GDP expand 0.7% QoQ in the April-June period.

EUR/NOK significant levels

By writing the cross is losing 0.26% at 9.8593 and a breach of 9.7726 (monthly low August 10) would open the entranceway to 9.7672 (monthly low May 5) and lastly 9.4325 (2022 low April 8). On the upside, another resistance emerges at 10.0194 (monthly high August 5) accompanied by 10.1503 (55-day SMA) and 10.3987 (monthly high July 1).

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