USDNOK below major support despite Norwegian CPI report

• CPI reading in Norway came in 3.9% YoY cs 4.2% exp. and 4.5% previously
• On MoM basis data pointed to 0.2% rise MoM vs 0.5% exp. and 0.2% previously

Today CPI reading suggests some pressure in Norwegian economy but despite that, rally in oil is supporting NOK. Today we can see that despite CPI reading, the pair is again below 10.67 level, where we can see SMA200 zone (red line). It may suggest pressure on 'trend reversal' market structure, especially if rally in oil will persist. Today US CPI reading may increase volatility on USDNOK with lower than expected data fueling possible NOK momentum, and putting further downward pressure on the pair with US dollar,

Source: xStation5