Norway: Currency weakens to record low against euro

Norway’s currency weakened to an all-time low against the euro on Thursday, costing as much as 10.1800 crowns per euro at 06:22 GMT and exceeding a previous record of 10.1700 set in December 2008. Handelsbanken Markets said seasonal factors may have influenced trades since the start of October, as the crown in recent years has tended to weaken when global investors reduce their risk exposure toward year-end.

Some analysts blame the currency’s recent weakness on global trade jitters, while others said the speed and magnitude of the drop were hard to explain.

The Norwegian central bank, which has raised interest rates four times in the last 13 months, said in September it no longer planned to hike, and a Reuters poll on Wednesday predicted monetary policy would be on hold for several years.

Source: reuters.com


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