Pound Sterling to Norwegian Krone (GBP/NOK) Exchange Rate Forecast to Rally on Positive British Data
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After British economic data improved upon forecast figures, the Pound strengthened versus the majority of its most traded currency rivals. The Norwegian Krone, conversely, softened against most of its major peers thanks to a disappointing set of domestic data publications.
The Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate is currently trending in the region of 11.5930.
Pound Sterling (GBP) Exchange Rate Rallies on Positive Data
After domestic data produced a set of better-than-expected results, the Pound strengthened against nearly all of its most traded currency rivals. However, negative sentiment towards the Bank of England, after they failed to act in their most recent policy meeting, has seen the upsurge somewhat laboured.
Trade Balance saw the deficit narrow from £-2.25 billion to £-1.4 billion, despite the median market forecast of a drop to £-2.5 billion. Year-on-year Manufacturing Production increased from 1.7% to 2.7% after having shown growth of 0.7% in December. In addition, Industrial Production increased from 1.0% to 1.1% on a yearly basis despite Decembers output having declined by -0.1%.
The Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate has fallen to a low today of 11.4811.
Norwegian Krone (NOK) Exchange Rate Declines on Disappointing Data
In the aftermath of disappointing domestic data results, the Norwegian Krone softened versus many of its major peers. However, Inflation Rate improved from 1.9% to 2.1% which slowed the declination fractionally.
The year-on-year Producer Price Index declined from -6.6% to -7.9% in December despite the median market forecast of a rise to -4.95%. Year-on-year Retail Sales declined beyond the market consensus of a drop from 2.8% to 2.16%, with the actual result falling to -0.61%. On a monthly basis, Retail Sales declined by 0.2%, down from the previous figure of 0.6% and the forecast figure of 0.34%.
Pound Sterling to Norwegian Krone (GBP/NOK) Exchange Rate Forecast to Strengthen
With a lack of domestic data to curb the trend, the Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate is likely to continue trending higher over the weekend.
The Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate climbed to a high today of 11.6411.