Amid tumbling oil prices, the Norwegians have been accelerating plans to reduce their reliance on crude oil – and as a result of this, we have seen their currency, the Norweigan krone, strengthen against both sterling and the US dollar yesterday. They are hoping that this forced move will actually benefit them in the future as they will have pre-empted the World after Crude Oil.
The New Zealanders also enjoyed a good day yesterday; positive data in their Global Dairy Trade (GDT) price Index ensured their dollar gained 0.5% against their US counterpart. This morning though inflation came in at its lowest level in sixteen years at 0.1%.
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