Norway's krone depreciated further to cross 9.5 per USD, its lowest level since end-June, after the Norges Bank held its key policy rate at a record-low 0.0% and pledged to keep it at the current level over the next couple of years. The currency has been pressured as the country’s economy is expected to shrink this year for the first time since 2008, hurt by lower oil prices and the coronavirus pandemic. At the same time, the currency is weakening toward a 5-month low against the Euro.
Historically, the Norwegian Krone reached an all time high of 12.12 in March of 2020. Norwegian Krone - data, forecasts, historical chart - was last updated on September of 2020.
The Norwegian Krone is expected to trade at 9.59 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 9.77 in 12 months time.