Norway’s currency declined the most since 2011 against the dollar. The central bank kept its benchmark rate at 1.5 percent at its meeting today, as forecast by 21 of the 22 economists surveyed by Bloomberg. The central bank predicted the key rate would be 1.38 percent in the fourth quarter of this year, versus an earlier forecast of 1.45 percent.

“The price action has been quite extreme,” said Michael Sneyd, a currency strategist at BNP Paribas SA in London. “The language showed a bias towards the prospects of a rate cut. A lot of the market was expecting the Norges Bank to remove this scope, so that was a big surprise.”

The krone slumped 2.5 percent to 7.8671 per euro, reaching the biggest one-day drop since May 2010. It slid to the weakest since September 2011.

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