Norwegian Krone Strengthens to Four-Month High

2026-01-22 09:26 By Joana Ferreira 1 min. read

The Norwegian krone strengthened to around 9.9 per US dollar, its firmest level since September 23, after the Norges Bank left interest rates unchanged and reaffirmed its December policy outlook, which still points to one to two rate cuts in 2026.

The central bank held its policy rate at 4% and said rates could be lowered later in the year if the economy develops broadly in line with projections, pushing back against market expectations that heightened geopolitical uncertainty could prompt an earlier rate cut.

Policymakers emphasized that a restrictive stance remains necessary, with inflation still above target.

The krone also benefited from improved risk sentiment after US President Donald Trump called off proposed tariffs on several European countries that had opposed his plan to “buy” Greenland, and announced a framework for future negotiations on Greenland with NATO.

While the move eased some tensions, geopolitical uncertainty remains elevated.



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The Norwegian krone strengthened to around 9.9 per US dollar, its firmest level since September 23, after the Norges Bank left interest rates unchanged and reaffirmed its December policy outlook, which still points to one to two rate cuts in 2026. The central bank held its policy rate at 4% and said rates could be lowered later in the year if the economy develops broadly in line with projections, pushing back against market expectations that heightened geopolitical uncertainty could prompt an earlier rate cut. Policymakers emphasized that a restrictive stance remains necessary, with inflation still above target. The krone also benefited from improved risk sentiment after US President Donald Trump called off proposed tariffs on several European countries that had opposed his plan to “buy” Greenland, and announced a framework for future negotiations on Greenland with NATO. While the move eased some tensions, geopolitical uncertainty remains elevated.
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