The Norwegian krone declined today after nation’s inflation slowed unexpectedly last month.
Statistics Norway reported that consumer inflation slowed from 2.9% in April to 2.5% in May — the lowest level in a year. Core inflation slowed from 2.6% to 2.3% — the lowest since January. Ahead of the report, analysts had predicted both indicators to stay unchanged.
USD/NOK slipped from 8.6537 to 8.6483 as of 8:34 GMT today after rallying to the daily high of 8.6849 earlier. EUR/NOK advanced from 9.7834 to 9.7921, and its session maximum was at 9.8312.
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Norwegian Krone Declines as Inflation Slows
