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EURNOK after Norges Bank rate cut

FX:EURNOK   Euro / Norwegian Krone
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Norwegian krone sold off heavyly after Norges Bank decided to cut rates by 0,25% to 1,25%. It was fairly suprising move but weaker oil is weighing on Norwegian economy and it seems that the central bank does not want to take any unnecessary risks.
Most likely, the highs around 9.13 will not survive and we'll see at least a spike to take out some stops.


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