Positive Fundamentals in Norway Benefit Krone
The Norwegian krone advanced today after the set of good macroeconomic reports from the country added to the attractiveness of the currency. The attractiveness that was boosted further by the positive sentiment on the Forex market.
Norwegian factory output rose 0.8 percent in June from May, when it advanced 0.6 percent. The actual value was above the forecast of 0.4 percent. Industrial production jumped as much as 4.3 percent last month, year-on-year, following the 1.7 percent increase the month before.
Today’s optimism among investors, which was caused by renewed hopes for Europe, benefited currencies with higher yield. Obviously, the currencies of the European nations attracted special attention. The good fundamental data made the krone particularly appealing.
USD/NOK was down from 5.9595 to 5.9235 as of 21:04 GMT today. EUR/NOK was little changed at 7.3438, following the drop to 7.3406.
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Earlier News About the Norwegian Krone:
- NOK Rises as Norges Bank Signals Rate Hikes are Possible in 2013 (2012-06-20)
- Norwegian Krone Rises, Defies Olsen (2012-03-16)
- Norges Bank Unexpectedly Cuts Interest Rates, Krone Slumps (2012-03-15)
- Norwegian Krone Falls on Trader Minister's Comments (2012-03-10)
- Will Norges Bank Stop Cutting Interest Rates? Traders Hope So, NOK Rallies (2012-03-08)