Norwegian Krone Retreats To 5-day Low Against Euro

The Norwegian krone trimmed its gains against the euro and fell in the early European session on Tuesday.

Meanwhile, data from Statistics Norway showed that the consumer price index rose 2.5 percent year-over-year in October, following a 2.1 percent climb in the previous month. Economists had expected the inflation to increase to 2.3 percent. Month-on-month, consumer prices climbed 0.4 percent in October, more than economists' expectations for a 0.3 percent increase.

Producer Prices plunged 9.4 percent in October from a year ago, following a 10.1 percent decline in September.

Against the euro, the krone fell to a 5-day low of 9.3417 from an early high of 9.2817. At yesterday's close, the krone was trading at 9.3055 against the euro.

If the krone extends its downtrend, it is likely to find support around the 9.50 area.

Euro vs NOK (FX:EURNOK)
Graphique Historique de la Devise
De Mai 2024 à Juin 2024