February 27, 2020 / 2:30 PM / a month ago

UPDATE 1-Norway's crown hits record low against euro

(Adds detail)

OSLO, Feb 27 (Reuters) - Norway’s currency weakened to an all-time low against the euro on Thursday amid weak domestic data, lower oil prices and the heavy impact of coronavirus outbreak on global stock markets.

The euro cost as much as 10.3135 crowns at 1352 GMT, exceeding a previous record of 10.3121 set last October, according to Refinitiv data.

Norwegian retail sales missed forecasts for a second straight month in January, Statistics Norway data showed on Thursday, rising by 0.5% from December on a seasonally adjusted basis. Analysts had expected an increase of 1.1%.

“The outlook for growth in goods consumption in the first quarter looks weak,” brokers DNB Markets said, while adding this was still not enough to compel the Norwegian central bank to cuts interest rates.

Norges Bank, which raised its policy rates three times in 2019, has said it plans to keep rates on hold for the foreseeable future.

A Reuters poll of economists on Jan. 10 had predicted the Norwegian crown would remain relatively stable against the euro in 2020, with average readings both for short and longer term at around 9.80-9.90. (Reporting by Terje Solsvik Editing by Victoria Klesty/Mark Heinrich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below