Norwegian Krone Off 1-week High Against Euro
February 27 2015 - 5:42AM
RTTF2
The Norwegian Krone retreated from its early high against the
euro in European deals on Friday, as Norway's retail sales
decreased unexpectedly in January.
Data from Statistics Norway showed that the retail sales volume,
excluding vehicle sales, fell by a seasonally adjusted 0.7 percent
month-over-month in January after the 0.2 percent rise in December.
Economists expected sales to remain unchanged.
On a year-over-year basis, sales rose by a working-day adjusted
1.4 percent in January. In December, sales had increased 2.6
percent.
The Norwegian Krone, which climbed to a weekly high of 8.5385
per euro in early deals, retreated to 8.5853 following the data.
The next likely support for Norway's currency is seen around the
9.00 level.
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