Norwegian Krone Advances Versus Euro As Norway CB Hints At Early Rate Hike

The Norwegian Krone climbed against the euro in the European session on Thursday, after Norway's central bank decided to keep its key rate unchanged, as widely expected, and hinted a rate hike soon.

The Executive Board of Norges Bank maintained its policy rate at 0.50 percent. The previous change in the rate was a quarter-point reduction in March 2016.

The board said the outlook for the Norwegian economy indicates that it will soon be correct to raise the key rate.

Growth appears to be somewhat stronger than previously expected, and capacity utilization in the Norwegian economy is approaching a normal level, the bank said.

The Norwegian currency strengthened to a new 4-month high of 9.4734 against the euro, from yesterday's closing value of 9.5598. The Norwegian Krone is seen finding resistance around the 9.4 level.

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