Norway Retail Sales - Yesterday Sweden today Norway...wow for Scandinavian Data!!!

Another whopper news trading spike this time coming from Norway. This Friday morning at 9:00 GMT (4:00 EST) the Retail Sales figures were released. There was a decent sized deviation, and while larger deviations in the past have had more modest moves and reversed, this one did continue for quite awhile. Perhaps it is because the EURNOK forex pair is off its extreme lows and has retraced giving the Norwegian Krona room to appreciate versus the Euro.

Anyway here is the data:

Norway Retail Sales - vol sa (MoM)
Estimates- Median: -0.2% Average: -0.1% Low: -1.0% High: +0.6%
Actual: +1.1% Prior: +0.9% No Revision

Norway Retail Sales Vol. nsa. (YoY)
Estimates- Median: +2.7% Average: +3.0% Low: +1.8% High: +4.8%
Actual: +7.4% Prior: +6.7% No Revision

Here is the 10 second chart of the EURNOK forex pair:

This 1 minute chart shows how the move continued for some time and gave many pullbacks which were easy opportunities to scalp additional shorts in the direction of the momentum flow caused by the news.