Friday saw the Norwegian krone continue its slide against the majority of its peers. Many expected Norway’s central bank to announce a rate hike on Thursday, but in actuality they took the opposite stance, eluding to a potential rate cut over the next 6 months. This U-turn took the market by surprise, and as a result the Norwegian currency fell against sterling by as much as 3.5%. The Canadian dollar also strengthened on Friday, ending a good week for the currency on a high. Rising oil prices throughout the week gave support, with Brent crude being a significant export commodity. This gain was extended on Friday with strong retail sales and inflation data. Looking forward to this week it is fairly quiet on the data-front.
Today we have key manufacturing outlook figures which will be closely scrutinized as markets are keen to see if the tide has turned and their manufacturing recovery accelerating. Later today we have a speech from the governor of the Bank of Japan, and on Thursday we have trade balance figures from New Zealand.
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