NOK Falls as Government Concerned About Currency’s Strength
The gains of the Norwegian krone caused the concerns that the stronger currency will hurt competitiveness of the nation’s exporters. The currency fell today after it sharply advanced on the previous trading session.
Finance Minister Sigbjorn Johnsen said that the government will take measures to prevent the stronger currency to harm the nation’s economy. The krone jumped previously on the high oil prices as the country is one of the biggest exporters of oil in the world.
USD/NOK rose from 5.5437 to 5.5744 as of 17:30 GMT. The currency pair earlier advanced to the intraday high of 5.5909 after reaching 5.5386, the lowest prices since October 2009.
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Earlier News About the Norwegian Krone:
- Norwegian Krone Declines on Manufacturing & Crude Oil Prices (2011-02-07)
- 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)