Norwegian Krone Climbs Despite Inflation Miss

The Norwegian krone climbed today even after nation’s consumer inflation missed expectations.
Statistics Norway reported that the Consumer Price Index rose 1.9% in June from a year ago versus the consensus forecast of a 2.1% increase. The core CPI rose 2.3%, the same as in the previous month, whereas the Norwegian central bank had predicted a slightly bigger increase of 2.4%. Some analysts argued, though, that the small miss should not deter the Norges Bank from hiking interest rates in September.
USD/NOK slumped from 8.6520 to 8.5771 as of 20:03 GMT today. EUR/NOK declined from 9.6857 to 9.6527, retreating from the daily high of 9.7134.

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