Currency starts to strengthen

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Norway’s badly battered currency, the krone, has been trading this week at less than NOK 10 to the US dollar for the first time since early March. Analysts view it as a sign that it’s strengthening as the Corona crisis comes under control.

Higher prices for Norway’s biggest export product, oil, and revived stock markets also help. A barrel of the country’s North Sea Brent crude oil was selling for USD 35.59 early Wednesday afternoon, still down from the USD 60s earlier this year but double where it had fallen when the Corona crisis raged.

“There’s been a very good mood in the markets,” Erica Blomgren Dalstø, chief strategist for investment bank SEB, told newspaper Dagens Næringsliv (DN). She stresses that the krone “is still very weak,” but she thinks it will continue to strengthen against the dollar and the euro, where it also traded at under EUR 11 for the first time. On Wednesday afternoon, one US dollar cost NOK 9.91.

newsinenglish.no staff