We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • RBNZ Credit Conditions Survey - New Zealand banks report a decline in demand for credit during first half of 2020. - Banks indicate lending standards are likely to tighten.
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/OjTZOQEytM https://t.co/0KdF1bvOXW
  • 🇨🇳 Balance of Trade (JUN) Actual: $46.42B Expected: $58.6B Previous: $62.93B https://www.dailyfx.com/economic-calendar#2020-07-14
  • Heads Up:🇨🇳 Balance of Trade (JUN) due at 03:00 GMT (15min) Actual: $46.42B Expected: $58.6B Previous: $62.93B https://www.dailyfx.com/economic-calendar#2020-07-14
  • Heads Up:🇨🇳 Balance of Trade (JUN) due at 03:00 GMT (15min) Expected: $58.6B Previous: $62.93B https://www.dailyfx.com/economic-calendar#2020-07-14
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhy4eY https://t.co/YXoHRqy8WJ
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.25% Silver: -0.31% Oil - US Crude: -2.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rQwKZkZmUv
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.09% 🇪🇺EUR: -0.02% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.08% 🇳🇿NZD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lgkxPjTNvz
  • China Econ (JUN): Exports (YoY) CNY 4.3% vs 3.5% expected and 1.4% in May Imports (YoY) CNY 6.2% versus -4.7% expected and -12.7% in May -BBG $AUDUSD
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 73.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cAtIUwaZEg
Norwegian Industrial Production Fades, EURNOK Rests at Support

Norwegian Industrial Production Fades, EURNOK Rests at Support

2015-01-08 17:54:00
Rob Pasche, Kara Dailey,
Share:

Talking Points:

  • Industrial Production and Credit Growth Weaken as December’s PMI contracts to 49.8
  • Unemployment Rate increases 0.3 pp to reach 3.8%
  • EURNOK settles between 9.00 and 9.30 Kr

The Norwegian Economic Outlook continues to weaken; November’s disappointing credit growth and industrial production reports have preceded the last round of substandard manufacturing and employment data.

Month-over-month and throughout the three month span (September-November) manufacturing output in Norway decreased by 0.4%. The largest negative impact to industrial production (m/m) came from the extraction of crude petroleum and natural gas (-3.2%) and from refined petro chemicals and pharmaceuticals (-6.9%) over the 3 month span. The driving forces come as little surprise, as several platform and sea based development projects are operating with oil trading below its established breakeven point. However, when assessed within a greater context manufacturing over a 12 month span increased by 4.6%. This figure is substantially higher than the 1.3% reported by Eurostat for the EU.

Break-Even Prices

Norwegian Industrial Production Fades, EURNOK Rests at Support

Chart Source: Norges Bank:Demanding Time for Monetary Policy

The 12 month indicator for credit growth (C2) was also down 0.2 pp, placing it just below its 3 month moving average. In declining from 5.4 to 5.2 percent, the largest negative impacts were sourced from debt growth among households and growth in bond debt. The former declined from 6.5% to 6.3% (m/m), while the later dropped from 13.8% to 12.2% (m/m). Debt growth from non-financial corporations remained unchanged (2.7%) while that of banks and mortgage companies increased from 3.8 to 4.1 percent.

Continuing into the month of December, the purchasing manager’s index for manufacturing decreased from 51.3 to 49.8. The largest decreases came from the sub-indices employment, which plunged from 52.2 to 45.5 and production, which fell marginally from 51.5 to 51.4. In registering below 50, two of the three indices point towards economic contraction.

The drop in the PMI’s employment index is reflective of the latest round of unemployment data. Up 0.3% or 9K people, unemployment in October stands at 3.8%. The share of employed persons fell 0.4% bringing the figure to 68.2%. The change is equivalent to 5K people.

After a large upswing and downswing last month, the EURNOK has settled between 9.00 kr and 9.30 kr. It currently rests at strong support where it may finally break through, or could bounce higher towards the previous high. A tight stop loss is recommended for participating traders due to the sideways price action we’ve seen.

EUR/NOK 4 Hour Chart

dailyfx Euro Norwegian Krone 4 hour chart.

Chart Created by Rob Pasche Using MarketScope2.0

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.