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16 May 2013
Forex: EUR/NOK retracing gains on better GDP
FXstreet.com (Barcelona) - The Norwegian krone is picking up pace against the euro on Thursday after hitting session lows in the boundaries of 7.5600, now dragging the cross to sub 7.5400 levels on better-than-expected GDP figures.
The economic activity in the Scandinavian country during the first quarter expanded 0.7% in ter-quarter, missing the median at 0.8%. “The details of the report showed another strong quarter of consumer spending and residential investment, while the main weak spot seemed to be on the investment side. Overall though Norway’s pace of growth is still the envy of most of the rest of the G10”, suggested Cristian Maggio, Senior Emerging Markets Strategist at TD Securities.
At the moment, the pair is flat at 7.5358 with the next resistance at 7.5665 (MA30d) followed by 7.5800 (high May 10).
On the flip side, a breakdown of 7.5180 (low May 10) would bring 7.4380 (low Apr.8).
The economic activity in the Scandinavian country during the first quarter expanded 0.7% in ter-quarter, missing the median at 0.8%. “The details of the report showed another strong quarter of consumer spending and residential investment, while the main weak spot seemed to be on the investment side. Overall though Norway’s pace of growth is still the envy of most of the rest of the G10”, suggested Cristian Maggio, Senior Emerging Markets Strategist at TD Securities.
At the moment, the pair is flat at 7.5358 with the next resistance at 7.5665 (MA30d) followed by 7.5800 (high May 10).
On the flip side, a breakdown of 7.5180 (low May 10) would bring 7.4380 (low Apr.8).