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NOK/EUR Close to 2-Month High, Oil Prices Rise
Published: 6 Feb at 3 PM Tags: Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, Exchange Rates, Inflation,
The Norwegian Krone advanced against the Euro at the close of the week despite a mixed bag of reports for Norway. The NOK/EUR exchange rate achieved an almost two-month high as oil prices increased and ‘Grexit’ concerns rose. The Euro to Norwegian Krone exchange rate was trading in the region of 8.5780 having fallen from a high of 8.6415. The Norwegian Dollar fell against the US Dollar as the ‘Greenback’ was bolstered by an impressive US Non-Farm Payments report.
On Friday Norwegian data showed that industrial production in the nation increased by 0.3% on the month in December. This was less than the 0.8% jump expected and followed a negatively revised drop of -1.9% in November. On the year, industrial production was up 3.5% - an annual figure of 4.62% had been projected. Manufacturing production, however, exceeded expectations by showing year-on-year growth of 4.4%, 1% higher than predicted.
Next week there are several Norwegian reports with the potential to cause Krone movement. Data to look out for includes the nation’s inflation rate number and producer price index. The rate of Norwegian inflation is expected to have slowed from 2.1% on the year in December to 1.93% in January. Economists have forecast that PPI climbed from -7.9% in December to -6.68% at the beginning of 2015. Wednesday will also see the release of Norway’s fourth quarter growth figures. It is believed that the nation recorded growth of 1.2% in the final three months of the year, quarter-on-quarter, and expanded by 1.8% on the year.
Positive Norwegian ecostats could lend the Krone support, although the direction taken by the currency will also be dependent on commodity price movements. In terms of wider fluctuations in the currency markets, investors will be taking a keen interest in the negotiations between Greece and its creditors. Any stimulus or interest-rate related remarks from major central bank officials will also be worth attending to.
On Friday Norwegian data showed that industrial production in the nation increased by 0.3% on the month in December. This was less than the 0.8% jump expected and followed a negatively revised drop of -1.9% in November. On the year, industrial production was up 3.5% - an annual figure of 4.62% had been projected. Manufacturing production, however, exceeded expectations by showing year-on-year growth of 4.4%, 1% higher than predicted.
Next week there are several Norwegian reports with the potential to cause Krone movement. Data to look out for includes the nation’s inflation rate number and producer price index. The rate of Norwegian inflation is expected to have slowed from 2.1% on the year in December to 1.93% in January. Economists have forecast that PPI climbed from -7.9% in December to -6.68% at the beginning of 2015. Wednesday will also see the release of Norway’s fourth quarter growth figures. It is believed that the nation recorded growth of 1.2% in the final three months of the year, quarter-on-quarter, and expanded by 1.8% on the year.
Positive Norwegian ecostats could lend the Krone support, although the direction taken by the currency will also be dependent on commodity price movements. In terms of wider fluctuations in the currency markets, investors will be taking a keen interest in the negotiations between Greece and its creditors. Any stimulus or interest-rate related remarks from major central bank officials will also be worth attending to.
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Source: moneytransfer.co.uk