EUR/NOK of highs post-CPI,around 9.4500

The Norwegian Krone is trading on a soft fashion on Wednesday, now taking EUR/NOK to the 9.4500 region after climbing as high as the vicinity of the 9.48 handle.

EUR/NOK bid on downbeat CPI

NOK has eroded some losses after lower-than-expected inflation figures in the Nordic economy prompted the Krone to drop to daily lows vs. its European peer near 9.4800 the figure.

In fact, inflation tracked by the CPI showed consumer prices rose at an annualized 2.2% during April and 0.2% inter-month, both readings coming in below initial consensus. In addition, Core Inflation rose 0.3% on a monthly basis and Core CPI YTD rose 1.7%.

In the meantime, the cross is seen navigating within a sideline theme in the lower end of the recent range, following the drop from fresh 2017 tops near 9.5800 seen on Friday.

EUR/NOK significant levels

As of writing the cross is up 0.08% at 9.4550 and a surpass of 9.4822 (high May 8) would aim for 9.5778 (2017 high May 5) and finally 9.5794 (high Jun.24 2016). On the other hand, the next down barrier is located at 9.4056 (low May 9) followed by 9.3857 (38.2% Fibo of the April-May rally) and finally 9.3190 (20-day sma).