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Krone Falls, Pound Gains, US Dollar Waits

Published: 6 Dec at 1 PM Tags: Euro, Dollar, Pound Sterling, America, UK, Eurozone, USA, Germany, Norway,

All eyes may be focused on the US and the publication of the highly influential US non-farm payrolls report, but other events have also had an impact on the currency market today.

For example, the Norwegian Krone tumbled against the Euro as domestic industrial production dropped in October.

The level of industrial output in Norway fell by 7.5 per cent in October following a decline of 1.4 per cent in September.

Economists had envisaged a decline of 3.3 per cent.

Although the steep decline was partially offset by annual growth of 2.6 per cent in manufacturing production the result was still a concerning confirmation of the depression in mining activity.

The Krone is currently trading against the Euro in the region of 8.4197

In other currency news, the Pound was able to trim its five-day decline against the Euro as UK house prices rose by more-than-forecast and German factory orders slumped.

Orders were down by 2.2 per cent on the month, a greater decline then the 1.0 per cent expected.

As the Eurozone's largest economy, Germany's recovery is key to the 17-nation currency bloc. But this latest report is further evidence of Germany's patchy economic performance.

However, the German Economy Ministry stated that 'the trend in demand for industrial goods is still pointing upwards. That indicates a continued positive development in industry for the coming months.'

While this lacklustre report did weigh on the Euro, losses were limited as the German central bank unveiled positively adjusted growth projections.

The Bundesbank now sees the German economy expanding by 0.5 per cent in 2013 before posting growth of 1.7 per cent next year.

The Pound is currently trading against the Euro in the region of 8.4197

The US Dollar was little-changed during the European session having gained on its rivals yesterday as a result of upbeat domestic data.

If today's US non-farm payrolls report shows a strong improvement in the US employment sector, adding to the case for the Federal Reserve tapering stimulus, the 'Greenback' could enjoy a notable surge before the weekend.
As of Friday, 6th December 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.1928, GBP USD exchange rate was 1.6348, and GBP NOK exchange rate was 10.079.
Dominic Lee About Author: (474 Posts)With over ten years experience as an economist – including four years spent as a chief economist with a major currency broker – Dominic has acquired a wealth of knowledge which he uses to forecast market movements. Dominic now works as an independent business advisor and writes for several financial publications.

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