Chart of the week: Norway’s crown has slipped

The Norwegian krone has slipped to a record low of more than ten to the euro. It's not entirely clear why it has done so badly; its 6% loss against the single currency in the past six months is the worst performance of any major currency. Interest rates have actually risen four times and the economy seems robust.

This is partly an oil story. Oil and gas comprise half the country's exports and oil has weakened recently amid signs of weakening global growth. But the central bank thinks a key change over the past few years is that in times of heightened uncertainty, especially during a trade war, investors are increasingly turning away from the currencies of small, open economies.

Viewpoint

Jonathan Allum, The Blah

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