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Trading news
14 Mar 2013
Forex: NOK/SEK testing intraday lows
The Scandinavian benchmark cross continues to trade on the back foot on Thursday, hovering over weekly lows around 1.1120/25 – last seen in February 2011.
The pair is suffering the dovish tone from the Norges Bank after it left the repo rate unchanged at 1.5% and stated that low rates would continue throughout the rest of the year, crushing hopes of a rate hike later in 2013
Swedish data showed the unemployment rate ticked higher in February, rising to 8.5% from January’s 8.4%, adding downside pressure to NOK/SEK.
At the moment, the pair is down 0.57% at 1.1131 facing the next support at 1.1118 (low. Mar.14) and then 1.1107 (2013 low Mar.13).
On the flip side, a breakout of 1.1222 (high Mar.14) would bring 1.1396 (high Feb.25).
The pair is suffering the dovish tone from the Norges Bank after it left the repo rate unchanged at 1.5% and stated that low rates would continue throughout the rest of the year, crushing hopes of a rate hike later in 2013
Swedish data showed the unemployment rate ticked higher in February, rising to 8.5% from January’s 8.4%, adding downside pressure to NOK/SEK.
At the moment, the pair is down 0.57% at 1.1131 facing the next support at 1.1118 (low. Mar.14) and then 1.1107 (2013 low Mar.13).
On the flip side, a breakout of 1.1222 (high Mar.14) would bring 1.1396 (high Feb.25).