Currency Note Worldwide

Norwegian krone follows the oil price down

By Ricky Bean December 12th, 2014

  • The Norwegian kroner fell to its lowest level since January 2009 yesterday against the majority of its peers as the Norwegian central bank slashed its interest rate from 1.5% to 1.25%. The decision to do this was to counteract the risks from falling oil prices, which have moved to five-year lows.
  • The head of Australia’s central bank hinted that its currency would have to weaken further to 0.75 to the US dollar to maintain consistent growth. The pressure continues to mount on the Australian dollar with signs of more weakness within the country, particularly given unemployment figures having increased from 6.2% up to 6.3%. The currency is also receiving no favours from China – the country’s major trade partner – which is also overseeing slower growth.

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