Currencies-Norwegian Krone is weakening. NOK rate
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According to the expert, the growing fear of infection, drops in stock markets and oil prices are contributing to the weakest rate of the koruna this year.
The koruna weakened further after the day with oil prices plunging and global stock markets slumped.
On Tuesday morning, the dollar cost 8,97 kronor, the highest since last November 2020.
At the beginning of June, the dollar it cost NOK 8,25, while the rate was below NOK 8,2 at its lowest level in April this year.
The euro also became more expensive. The exchange rate of NOK 10,57 per euro on Tuesday morning is the highest since last December.
The current NOK exchange rate is PLN 0,43
- Change in mood
Magne Østnor's currency strategist at DNB Markets points out that the koruna has been weakening for several months, but the decline has intensified significantly in recent weeks.
“The reasons for the weakness in recent days are quite obvious. In fact, we are witnessing a shift in mood. With growing concerns that the flourishing of infection and slower vaccination progress will slow down the ongoing recovery in the global economy. "
The three US indices kicked off the week with clear declines amid concerns about rising infection rates, while the Oslo stock market decline was the largest so far this year.
At the same time, oil prices fell to $ 69 a barrel from $ 73 a barrel ahead of the weekend.
- I lost a little faith
Chief economist Jan L. Andreassen at the Eika Group points out, among other things, that investors are less willing to take risks, which affects Norwegian krone.
- What is influencing Norway now is the fact that it is generally very 'risky'. It points out that risky investments such as cryptocurrency and several popular stocks among private individuals have dropped significantly recently.
