Norwegian Krone Slides To 5-1/2-year Low Against Euro
December 10 2014 - 7:25AM
RTTF2
The Norwegian Krone slumped against the euro in European deals
on Wednesday, amid slide in oil prices and ahead of the Norges
Bank's rate decision due tomorrow.
The central bank is widely expected to hold fire, retaining
rates at 1.50 percent. The bank next meets in March.
Increasing political uncertainty in Greece, slow down in
consumer prices in China and fears of over supply weighed on oil
prices. Norway being a big oil producer, falling oil prices have
hit hard the Norwegian Krone.
The Norwegian Krone declined to 8.9274 against the euro, its
lowest since July 2009, and down by 1.3 percent from yesterday's
closing value of 8.8089. The Norwegian Krone may find support
around the 9.1 zone.
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