‘Krone’ strengthens amid Corona chaos

Norway’s krone was trading at less than NOK 9 against the US dollar on Thursday, its strongest level since January. Currency analysts linked the rise mostly to higher oil and housing prices, and more market optimism. On Thursday morning it cost NOK 8.94 to buy one US dollar. That compares to more than NOK 11 […]

Oil price crashes, revives, ‘krone’ dives

UPDATED: The price of a barrel of Norway’s North Sea crude oil crashed to its lowest level since 1999 this week, falling even further to below USD 17 a barrel early Wednesday. The country’s currency weakened again on the news, as debate swirls over proposals to offer crisis aid to the oil industry amidst market […]

Markets flew after interest rate cut

Oil prices rose, the Oslo Stock Exchange (OSE) rebounded and all of its most-active shares were showing strong gains after Norway’s central bank slashed interest rates Friday morning. There was no lack of drama, though, after an unusual halt in trading and a delayed open for hard-hit Norwegian Air. It was another breathless day for […]

Currency collapses despite crisis plans

The value of Norway’s currency fell to historically low levels on Thursday, just as Parliament was promising to further secure both employers and workers during the Corona virus crisis. The country’s strong treasury can provide such relief, and the US dollar value of the country’s huge sovereign wealth fund even shot up, while the central […]

No increase in the key interest rate

The executive board of Norway’s central bank (Norges Bank) has acted in line with economists’ recommendations this time, announcing Thursday that there would be no increase in its policy rate. It remains unchanged at 1.5 percent. Norwegian economists making up an interest rate panel for the country’s major business newspaper, Dagens Næringsliv (DN), were surprised […]

Interest rate hike aimed at stability

The executive board of Norway’s central bank defied many local economists and other central bankers around the world on Thursday by going ahead with its plan to boost interest rates. The board wants to maintain economic and financial stability amidst “solid” economic growth, while also trying to rein in debt and housing prices. The modest […]

Central bank buys even weaker kroner

A decision by Norway’s central bank to buy more of the country’s own currency has raised some eyebrows. An analyst at Norway’s biggest bank thinks it looks like Norges Bank is trying to prop up the sagging krone. By midday Monday, it cost NOK 9.12 to buy one US dollar. That was up from already […]

Weak ‘krone’ may get even weaker

After more than a week of trading at around NOK 9 to the US dollar, Norway’s biggest bank is predicting that the country’s currency may lose even more value. DNB Markets thinks it will cost NOK 10.20 to buy a euro around Christmastime. The investment banking arm of Oslo-based DNB wrote in its latest economic […]

Krone weakens on Trump’s trade war

The value of Norway’s currency, the krone, fell again during the night to its weakest level against the US dollar in more than three years. The still-stong Norwegian economy doesn’t help when markets react negatively to US President Donald Trump’s trade war with China. It didn’t take long for stock markets and oil prices to […]

‘Krone’ weakens on a lower oil price

It cost more than NOK 8.60 to buy one US dollar on Tuesday, after the Norwegian currency weakened once again. Low oil prices are to blame, along with international unrest in general. “I’m not surprised the krone is where it’s at, in light of the oil price and risk aversion in the market,” Nils Kristian […]