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  • NOK regains some ground after testing lows near 9.7500 vs. EUR.
  • The cross continues to navigate close to 2-month peaks near 9.77.
  • Norway’s jobless rate rose to 2.3% in November.

The softer tone around the Norwegian Krone is sustaining the up move in EUR/NOK to the boundaries of the 9.7500 area, where met some resistance.

EUR/NOK offered post-data

The cross is extending the choppiness so far this week, although it remains within the multi-session consolidative theme near 2-month tops near 9.7700 the figure seen earlier in the month.

NOK gathered some traction despite the unemployment rate in the Nordic economy ticked higher to a non-seasonally-adjusted 2.3% in October, a tad above consensus. Earlier in the day, Norwegian Core Retail Sales unexpectedly contracted 0.2% in October from a month earlier.

The up tick in the jobless rate does not affect the solid health of the domestic labour market, let alone the prospects of further tightening by the Norges Bank, with the next rate hike expected at some point in Q1 2019.

EUR/NOK significant levels

As of writing the cross is up 0.18% at 9.7407 and a breakout of 9.7713 (high Nov.21) would aim for 9.7806 (high Aug.28) and finally 9.8079 (high Sep.7). On the flip side, immediate contention emerges at 9.6957 (low Nov.28) seconded by 9.6463 (21-day SMA) and then 9.5006 (low Nov.8).