Norwegian Krone Declines on Manufacturing & Crude Oil Prices
The Norwegian krone weakened today, posting the fourth day of losses versus the US dollar, after the report showed that the manufacturing expanded less than was predicted and as the crude oil prices declined.
The Norwegian manufacturing output expanded 2.2 percent in December from the previous year, frustrating the analysts who predicted the 4.2 percent gain. The futures on the crude oil declined 0.6 percent as the concerns about the impact of the unrest in Egypt on the oil supply eased.
USD/NOK rose from 5.7607 to 5.7798 as of 21:30 GMT today and reached earlier its intraday high of 5.7946, the highest level since January 31.
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Earlier News About the Norwegian Krone:
- Norwegian Krone Erases Losses on Positive Outlook for Economy (2011-01-03)
- Norwegian Krone Drops on Outlook for Interest Rates (2010-10-27)
- Outlook for Interest Rates Hike Boost Norwegian Krone (2010-09-22)
- Norway's Krone Falls on China's Reserve Requirements (2010-02-13)
- Crude Oil Advance Favors Norway's Krone (2010-02-09)