NEWS

Norway’s crown led currencies against a struggling dollar on Thursday after the Norges Bank became the first central bank in the developed world to raise interest rates in the post-pandemic era.

Norway’s decision to hike interest rates a quarter of a percentage point to 0.25% overshadowed a decision by the Federal Reserve to start tapering its bond purchases by November which sent the dollar weakening broadly against its rivals.

The crown rallied to its highest levels since mid-June versus the euro to 10.07 crowns per euro while it climbed 0.7% against the U.S. dollar.

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