The Norwegian krone has been the worst-performing G-10 currency since the middle of last year – it has lost more than a quarter of its value against the US dollar. Still, given the prospects for the price of oil, as well as monetary policy in Norway and the US, we doubt that the krone will rebound. Our end 2015 forecast for the rate against the dollar is NOK8.25/USD, which is close to its level today.
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