EUR/NOK challenging lows near 9.2300 on NB

The Norwegian krone is appreciating moderately vs. its European peer on Tuesday, dragging EUR/NOK to fresh lows in sub-9.2400 levels.

EUR/NOK lower post-Norges Bank survey

NOK picked up extra pace following an upbeat tone from the Norges Bank’s Regional Network Survey. The Nordic central bank has reported that contacts now expect output growth to be moderate in the next six months, as the decline in oil activity is expected to tone down.

In the same line, contacts reported that output has increased more than estimated over the last three months, following growth in public demand, a subdued decline in the demand in oil sector and improved competitiveness.

Furthermore, employment and wages are expected to pick up in the next periods.

EUR/NOK significant levels

As of writing the cross is retreating 0.23% at 9.2338 facing the next support at 9.1592 (low Sep.8) ahead of 9.1361 (2016 low Aug.12) and finally 9.0832 (monthly low Dec.2). On the other hand, a break above 9.3205 (55-day sma) would open the door to 9.3546 (high Sep.1) and then 9.4029 (200-day sma).