Norwegian Krone Drops on Slowing Growth, Recovers

The Norwegian krone was flat today after falling earlier as slowing economic growth made an interest rate cut from the central bank more likely. Such prospects hurt the currency, but it managed to recover as of now.
Norwegian gross domestic product grew 0.2 percent in the second quarter of 2013, down from 0.6 percent in the previous quarter. The report frustrated analysts who have hoped for 0.7 percent growth. Norges Bank signaled at its June meeting that it may cut borrowing costs. Today’s data increased likelihood of a cut.
USD/NOK traded at 5.9539 as of 21:43 GMT today after rising from 5.9544 to 5.9594 earlier.

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