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Forex: EUR/NOK dips to lows around 7.3800

The Norwegian krone is partially trimming yesterday’s losses after reaching the boundaries of 7.4100 on dovish comments by Norges Bank’s Olsen. At the moment, the NOK has strengthened to the area around 7.3900 despite January’s trade surplus narrowed to €33.5 billion from €35.2 billion previous.

As of writing, the pair is losing 0.08% at 7.3902 with the next support at 7.3465 (low Feb.14) ahead of 7.3415 (high Jan.4) and then 7.3214 (Lower Bollinger).
On the flip side, a breakout of 7.4680 (high Feb.1) would aim for 7.4770 (2013 high Jan.18) and finally 7.4800 (Upper Bollinger).

United Kingdom Retail Sales ex-Fuel (MoM): -0.5% in Jan and (YoY): 0.2%

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Forex: EUR/GBP rallies on very disappointing UK retail sales

Analysts failed to forecast correctly what UK retail sales would be like in January. Markets were taken by surprise as actual data shows contracting figures at -0.6%, instead of +0.8% (YoY), and -0.5% instead of +0.4% (MoM), as well as -0.5% instead of +0.4% (ex- fuel MoM).
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