Norway: Norwegian krone weakens versus dollar, rises against euro
June 1, 2012
On 31 May, the Norwegian krone (NOK) traded at 6.12 per U.S. dollar (USD), driving the currency 6.9% lower compared to the 5.72 NOK per USD recorded at the end of April. Building on the monthly decline, the krone now trades 13.8% below the level observed in the same day last year. In contrast, amid the recent volatility in the Euro area and despite the fact that Norway has lowered interest rates by 75 basis points since December 2011, the krone strengthened versus the euro in May, trading at 7.57 per EUR by the end of the month, which is 0.2% stronger than the 7.58 NOK per EUR seen by the end of April. As a result, the krone has gained 2.3% versus the euro compared with the same day last year.