Increased fear of infection, a fall in the stock markets and a fall in oil prices contribute to this year’s weakest krone exchange rate to date, according to an expert.
POINTS TO FEAR OF INFECTION: Currency strategist Magne Østnor in DNB Markets.
– Cicilie S. Andersen, E24 –
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The krone exchange rate has weakened further after 24 hours with a fall in oil prices and a decline on global stock exchanges.
Tuesday morning, a dollar costs 8.97 kroner, most since November last year.
At the beginning of June, a dollar cost NOK 8.25, while the exchange rate has been below NOK 8.2 at its lowest level in April this year.
The euro has also become more expensive.
The exchange rate of NOK 10.57 per euro on Tuesday morning is the highest since December last year.
Currency strategist Magne Østnor in DNB Markets points out that the krone has weakened for several months, but that the decline has intensified in recent weeks.
“The reasons for the weakening in recent days are quite obvious. We are in fact witnessing a change of mood, with increased fears that the flourishing of infections and weaker vaccine progression will slow down the ongoing upswing in the world economy “, he writes in a morning report.
He also highlights the turbulence in several markets on Monday.
The three US stock indices started the week with clear declines after concerns about rising infection rates, while the decline on the Oslo Stock Exchange was the largest so far this year.
At the same time, oil prices have fallen to $ 69 a barrel from $ 73 a barrel before the weekend.
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