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14 Mar 2013
Forex: EUR/NOK jumps above 7.5000 after Norges Bank
The Norwegian krone is markedly depreciating against the single currency after the Norges Bank left the refi rate unchanged at 1.5% and suggested that low rates would now remain longer than previously estimated: 1.5% throughout 2013 from 1.75% previous. The NB now projects the firs rate hike to be at some point during the first half of 2014
In its statement, the Nordic central bank assessed that both inflation and economic growth were navigating below desired levels. In the same line, income would be behind household debt and house prices so far.
At the moment, the cross is advancing 0.85% at 7.5038 with the next resistance at 7.5250 (2013 high Mar.1) ahead of 7.5254 (high Jul.9 2012) and then 7.5313 (high Jul.6).
On the flip side, a break below 7.4387 (low Mar.14) would open the door to 7.4275 (low Mar.13) and then 7.4250 (low Mar.8).
In its statement, the Nordic central bank assessed that both inflation and economic growth were navigating below desired levels. In the same line, income would be behind household debt and house prices so far.
At the moment, the cross is advancing 0.85% at 7.5038 with the next resistance at 7.5250 (2013 high Mar.1) ahead of 7.5254 (high Jul.9 2012) and then 7.5313 (high Jul.6).
On the flip side, a break below 7.4387 (low Mar.14) would open the door to 7.4275 (low Mar.13) and then 7.4250 (low Mar.8).