The last five days have seen the Norwegian Krone soar to new heights against all major currency pairs – until terrible year-on-year production figures shattered this dream with a reading of -3.4%. This result was a staggering 5.13% lower than expectation, and caused the Krone to depreciate over 1.8% against sterling across the day. The currency markets will wait with baited breath until Wednesday when the inflation data in Norway is released – and this result could may well define Norway’s short term monetary strategy.
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