Norway’s currency was supported against its peers today as the nation’s retail sales were shown to have declined by less than anticipated in June.
The Norwegian Krone Exchange Rate was in the region of 7.7779 against the Euro as of 11:10 am GMT
Lacklustre growth in the largest oil producing country in Europe led economists to estimate that retail sales would fall by 0.8 per cent in June following May’s 1.8 per cent expansion.
However, Norway’s retail sales actually declined by 0.2 per cent month-on-month and were up 3.2 per cent on the year. Broader goods consumption was up 0.4 per cent on the month.
Accordingly, economist Erik Bruce stated: ‘Retail sales show a clear upward trend […] and private consumption will provide a healthy contribution to GDP growth. After last week’s inflation data, talk of a rate cut was over and these numbers just reinforce that view.’
Expectations that Norges Bank will issue a rate cut when it meets in September dimmed last week as data revealed a surprising acceleration in underlying inflation, although the central bank has asserted that underlying inflation will stay below 2 per cent until the end of 2016.
The Krone advanced on the Euro in reaction to this news, despite the common currency gaining support from stronger than expected economic sentiment data for Germany and the Eurozone.
Investors will now be looking ahead to Norway’s trade balance data, due for publication on Thursday. Economists are expecting that the nation’s trade surplus declined in July, dipping from 32 billion Kroner to 30.7 billion Kroner.
Current Norwegian Krone (NOK) Exchange Rates:
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The Norwegian Krone/Pound Sterling Exchange Rate is currently in the region of: 0.1104 >
The Norwegian Krone/Euro Exchange Rate is currently in the region of: 0.1285 >
The Norwegian Krone/ US Dollar Exchange Rate is currently in the region of: 0.1706 >
The Pound Sterling/ Norwegian Krone Exchange Rate is currently in the region of: 1.0259
The Euro/Norwegian Krone Exchange Rate is currently in the region of: 7.7779 <
The US Dollar/Norwegian Krone Exchange Rate is currently in the region of: 5.8688 >
The Australian Dollar/Norwegian Krone Exchange Rate is currently in the region of: 5.3715 –
The Japanese Yen/Norwegian Krone Exchange Rate is currently in the region of: 0.0611 >
(Correct as of 11:10 GMT)
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