Krone Weakens as Norway Inflation Slows in June
The Norwegian krone weakened against the US dollar on Friday after annual inflation slowed to 2.7% in June from 3.1% in May, missing the market forecast of 3.2%. Consumer prices fell 0.2% from May, reversing the previous month's 0.2% increase and missing expectations for a 0.3% rise, while core CPI excluding energy and tax changes held at 3.4%. The US dollar also lost ground as Washington and Tehran moved toward renewed talks following two days of retaliatory attacks that reportedly killed at least 14 people, pushing the US Dollar Index below 101. At the time of writing, USD/NOK was trading at 9.7772, up 0.56%.
The Norwegian krone weakened against the US dollar on Friday after annual inflation slowed to 2.7% in June from 3.1% in May, missing the market forecast of 3.2%.
Consumer prices fell 0.2% from May, reversing the previous month's 0.2% increase and missing expectations for a 0.3% rise, while core CPI excluding energy and tax changes held at 3.4%.
The US dollar also lost ground as Washington and Tehran moved toward renewed talks following two days of retaliatory attacks that reportedly killed at least 14 people, pushing the US Dollar Index below 101.
At the time of writing, USD/NOK was trading at 9.7772, up 0.56%.