Exchange Rate in Norway
Norway - Exchange Rate
Norwegian krone tumbles on falling oil prices
The Norwegian krone (NOK) has been depreciating markedly against all major currencies since October, in parallel with the sharp downward trend in oil prices. On 15 December, the NOK reached the lowest level against the euro since January 2009, trading at NOK 9.31 per EUR. This was 10.0% weaker than the level observed on the same day of the previous month. On an annual basis, the Norwegian krone lost 9.6% of its value against the euro. On the same day, the krone lost 10.8% month-on-month against the U.S. dollar to 7.48 NOK per USD, which marked the lowest trading value since 2002. On an annual basis the NOK has weakened 21.1% against the greenback. The krone also nosedived against the Swedish krona, reaching the parity for the first time in 22 years.
The krone has tumbled in the last few months in the wake of the recent fall in oil prices, which drove the Brent crude to slide below USD 60 per barrel for the first since July 2009. In an attempt to prevent a severe economic downturn in the oil-rich nation, on 11 December the Norges Bank decided to cut its main interest rate to a record low 1.25%, thereby exacerbating the freefall of the krone.
FocusEconomics Consensus Forecast panelists expect the krone to trade at 8.23 per EUR by the end of 2015. For 2016, the panel projects that the krone will strengthen further to 8.11 per USD.
Norway - Exchange Rate Data
|Exchange Rate (vs USD)||6.07||7.47||8.84||8.64||8.21|
5 years of economic forecasts for more than 30 economic indicators.
Norway Exchange Rate Chart
Source: Thomson Reuters
|Bond Yield||1.77||-0.65 %||Jan 14|
|Exchange Rate||8.55||-0.38 %||Jan 14|
|Stock Market||837||-0.08 %||Jan 14|
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January 10, 2019
Consumer prices were unchanged in December compared to the previous month, contrasting the 0.5% rise in November.
January 9, 2019
According to monthly GDP data released by Statistics Norway, total economic output fell 0.3% in November compared to the previous month in seasonally-adjusted terms, contrasting October’s revised 1.1% increase (previously reported: +0.8% month-on-month).
January 8, 2019
According to Statistics Norway, industrial production fell a seasonally-adjusted 1.5% in November compared to the previous month, contrasting the 2.3% rise in October.
December 13, 2018
In line with market analysts’ expectations, Norges Bank announced on 13 December that it was keeping the sight deposit rate unchanged at 0.75%.
December 11, 2018
According to monthly GDP data released by Statistics Norway, the total economy grew 0.8% in October over the previous month in seasonally-adjusted terms, contrasting September’s revised 0.5% contraction (previously reported: -0.6% month-on-month).