Norwegian Krone at 10-day low against US Dollar

Extending its last week’s downtrend, the Norway’s currency slumped to a 10-day low against its US counterpart following the Statistics Norway report showed that the nation’s annual inflation slowed in July.

The Norwegian krone plummeted to 6.1456 against the US dollar before moving sideways in early European trading on Monday, down 0.42 percent from Friday’s close of 6.1196.

On the downside, support is seen near the 6.275 level.  The report showed that the consumer price index rose 2.2% year-over-year in July, slower than the 3.4% growth in the preceding month. On a monthly basis, the CPI dropped 0.6% in July.  Meanwhile, the Statistics Norway said in a separate communique that the producer price index dropped 7.1% year-over-year in July, in contrast to the 0.8% increase in June.

Producer prices dipped 5.7% month-on-month in July.

Source: RTT