Forex: EUR/NOK flat around 7.4400

The Norwegian krone is gaining ground against the single currency on Monday, after the inflation figures during February came in lower than January’s prints. In fact, the CPI rose 1.0% on a yearly basis and the Core reading rose 1.1%, both lower than previous +1.3% and +1.2%, respectively. In the same line, Producer Prices contracted 2.8% YoY vs. -2.4% previous.

At the moment, EUR/NOK is losing 0.01% at 7.4433 with the next support at 7.4035 (low Mar.6) ahead of 7.4035 (MA200d) and finally 7.4010 (low Feb.20).
On the flip side, a breakout of 7.4527 (MA14d) would aim for 7.4545 (high Mar.5) and then 7.4872 (high Mar.4).