Always good to keep an eye out on the Scandinavian News - the Norwegian and Swedish Kronas (NOK & SEK). This morning an hour after London opened the CPI figures for Norway came out. Normally a deviation of about 0.2 would have been good for a taking a news spike trade using the Secret News Weapon auto-click software. There are 4 figures that come out on this release, monthly and yearly figures for headline and underlying. There is not a reliable source of past price action for this release, but generally the monthly number is the one to follow. The headline y/y number did have a -0.2 deviation, but the other 3 were just -0.1, so at least all the figures agreed. There was also a PPI number which also came out negative. The numbers did trickle in over the news feed, so waiting for all the numbers to come out was the safest option. Here are the numbers:
*(NO) NORWAY OCT CPI M/M: 0.1% V 0.2%E; Y/Y: 2.0% V 2.2%E
- Oct CPI Underlying M/M: 0.0% v 0.1%e; Y/Y: 1,0% v 1.1%e
- No revisions
*(NO) NORWAY OCT PRODUCER PRICES INCL.OIL M/M: 0.5% V 0.1%E; Y/Y: 18.0% V 19.7% PRIOR
Initially the EURNOK shot up 100 pips, this pair can have quite a wide spread, even on an ECN broker, the spread is 25 pips, and some bucketshop it can be worse. However a fib drawn over the initial spike shows a very nice 61% pullback and then extension to the 161% for nearly 150 pips....this would be worth paying the spread.
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