Wednesday, the Norwegian krone spiked higher against its US counterpart around 8:00 am ET following the nation's Central Bank decided to leave its key policy rate unchanged at 2.25 percent.

The central bank said an unexpected increase in activity or in price and cost inflation may lead to a more pronounced upward shift in the key policy rate than currently projected.

The central bank last raised the rates in May 2011 by a quarter point to the current level. It was the first hike since a quarter point raise in the rate last May.

The krone appreciated by more than 0.4 percent against the greenback following the decision, hitting a 1-week high of 5.4637 around 8:15 am ET. On the upside, the domestic unit may find target around the 5.40 level.

US Dollar vs NOK (FX:USDNOK)
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