Currency Note Worldwide

Norwegian krone benefits from higher than expected growth data

By Ricky Bean August 22nd, 2014

It was a quiet start to the week, with few data releases of note meaning that markets were relatively flat. Geopolitical tensions in the Ukraine and Middle East saw a slight lean towards safe-haven assets, similar to the end of the previous week, which bolstered the Japanese yen and Swiss franc.

  • Wednesday saw the Chinese renminbi gain in anticipation of Chinese manufacturing figures released early yesterday morning. The figures, generally forecasted to be positive, came in below expectation, which caused the renminbi to drop off. The Australia dollar was also effected, with China being the primary trade destination for the export-reliant Australian economy.
  • The Norwegian krone bounced back from week-long lows yesterday to multi-month highs following growth figures coming in far above expectations which has reduced expectations of reduced interest rates.

Looking forward to today, we have inflation and retail sales data out of Canada.

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