Norwegian Krone Climbs To 8-day High Versus U.S. Dollar

03:29, 29th April 2016

(RTTNews) - The Norwegian Krone drifted higher against the U.S. dollar in European deals on Friday, as oil prices rallied on the back of a weaker dollar, but concerns over excess supply persisted.

In economic front, data from the Labour and Welfare Administration showed that Norway's unemployment rate dropped unexpectedly in April.

The registered jobless rate fell to 3.1 percent in April from 3.3 percent in the previous month. Meanwhile, economists had expected the rate to remain stable at 3.3 percent.

The number of unemployed people decreased to 85,471 in April from 89,334 in March. A year ago, the jobless figure totaled 79,638.

The Norwegian Krone that ended yesterday's trading at 8.1281 against the greenback advanced to an 8-day high of 8.0816. The Norwegian currency is likely to find resistance around the 7.9 zone.