Tuesday, 04 December 2012
Norwegian currency, the krone has strengthened to a new high level ever
and now Goldman Sachs is making a recommendation for its customers to
hoard the dollars.
According to the Norwegian business news site, E24, on Monday, the currency climbed to pass its old record and reached the strongest level so far.
The krona's strength is measured by the so-called I-44 index, which is
an overview of the Norwegian krona relative strength, as measured
against the currencies of Norway's most important trading partners.
When the Krone is stronger, the index falls and on Monday, it fell to
its lowest level ever: 85.25, writes E24.
"This is the strongest we've seen, "says market strategist of SEB Erica Blomberg to the news site.
She expects, as well as a number of other brokers and banks to see the Norwegian krona to continue to strengthen.
"We expect a stronger exchange rate and this is just a trend that will
be reinforced in the future, "she said and believes that investors will
continue to prefer small currencies with strong underlying values and
The investment bank Goldman Sachs on Monday recommended its clients to buy NOK against the Australian dollar, writes E24.
This is because the Bank expects the Norwegian krone to keep its
strengthening momentum, while they expect that the Australian dollar
Australian dollars now gives Nkr5.87, Goldman Sachs expects that a dollar in 2013 will be exchanged for Nkr 5, writes E24.
by Scancomark.com Team
welcome your contribution. Did you find anything wrong with this
article? Do you want to contribute to our news network? Do
have a news tip or assist us with a correction?