EUR/NOK deflates from highs, back around 9.50

After reaching fresh 8-week tops around 9.5200 earlier during the European morning, EUR/NOK has now retreated to sub-9.50 levels.

EUR/NOK up on oil, mixed data

The cross is prolonging its positive streak today following a continuation of the weakness around crude oil prices, which has dragged the barrel of Brent crude below the $43.00 mark, levels last seen in mid-April.

Adding to the selling tone around NOK, mixed results from the Nordic economy showed the unemployment rate ticking higher to a non-seasonally adjusted 3.2% in July, matching forecasts albeit higher than May’s 2.90%. Further data saw Retail Sales contracting at a seasonally adjusted 0.6% from May to June, reverting the previous 1.7% gain.

EUR/NOK significant levels

As of writing the cross is advancing 0.32% at 9.5069 facing the next hurdle at 9.5794 (high Jun.24) followed by 9.7595 (2016 high Feb.11) and finally 9.8646 (high Dec.16 2014). On the flip side, a breach of 9.4043 (200-day sma) would aim for 9.3809 (20-day sma) and then 9.2778 (low Jul.14).