Crude Oil Advance Favors Norway’s Krone
The krone rose today as Norway’s chief export, the crude oil, reverted a negative trend that forced commodity linked currencies down during most of last week’s trading session as concerns regarding Europe’s rising budget deficit eased slightly today.
A decline in risk aversion today allowed commodities to rally significantly, boosting demand for commodity exporter countries like Chile, South Africa and Norway. The krone posted its first advance versus the U.S. dollar after several sessions falling as the crude oil posted a long and sharp losing streak last week.
USD/NOK closed at 5.9875 from an opening rate of 5.9994.
If you want to comment on the Norwegian krone’s recent action or have any questions regarding this currency, please, feel free to reply below.
If you want to comment on the Norwegian krone’s recent action or have any questions regarding this currency, please, feel free to reply below.
Earlier News About the Norwegian Krone:
- Norway's Krone Falls on Central Bank Warning (2010-02-03)
- Norwegian Krone Tumbles as Commodities Rally Slow Down (2010-01-12)
- Norwegian Krone Falls From 16-Month High (2010-01-08)
- Norwegian Krone At 12-Month High Versus Euro on Oil (2010-01-04)
- Surprise Rate Hike Pushes Norway's Krone Up (2009-12-16)