Norwegian Krone Gains Despite Falling Manufacturing Production

The Norwegian krone gained against some of its major rivals today despite falling manufacturing production. Some analysts argued, though, that the data was not as bad it might seem at first glance.
Statistics Norway reported that manufacturing production fell 1% in June from May. Erik Johannes Bruce, an analyst at Nordea Markets, argued though that a decline was not surprising after two months of strong growth. He also pointed out that the indicator rose 1.7% in the June quarter from the previous three months, accelerating its growth compared with the preceding quarter.
USD/NOK slipped from the open of 8.9539 to 8.9458 as of 12:20 GMT today but rebounded from the session minimum of 8.9200. EUR/NOK declined from 10.0239 to 10.0131.

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