Sweden was not the only country with declining manufacturing as countries all over Europe suffer from the crisis. Norway’s manufacturing also struggled, but the nation’s currency managed to hold ground, unlike the Swedish one.
The Norwegian Purchasing Managers’ Index declined 49.1 to 48.7 in October. The data spurred speculations that the Norges Bank will refrain from an interest rate hike and, indeed, Oeystein Olsen, the central bank’s Governor, indicated that the bank will probably not raise rates until March. Such talks were negative for the Norwegian krone, but it remained firm, unlike the Swedish krona.
USD/NOK was lower from 5.7019 to 5.6901 as of 11:35 GMT today.
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