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Market News / Currency


Norwegian Krona strengthen to a record level

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 public finances.

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 will weaken.

Australian dollars now gives Nkr5.87, Goldman Sachs expects that a dollar in 2013 will be exchanged for Nkr 5, writes E24.
by Team

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