December 9, 2022

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Sharp devaluation of the krone: one dollar costs more than 11 kroner

Sharp devaluation of the krone: one dollar costs more than 11 kroner

she was E24 Whoever mentioned it first.

Since midnight, the krone has fallen by 18 cents against the dollar, according to data from Infront. The last time the krone reached this level was in March 2020, according to the Norwegian Economy newspaper.

At 11:23, the krone crossed 11 against the dollar. At the time of writing, the krone has fallen, and the price of one dollar is 10.9635 Norwegian kroner.

“The most important in the world” at the highest level since 2010

The so-called US “ten-year yield,” the interest rate on US government debt with a maturity of ten years, rose more than four percent for the first time since April 2010.

The interest rate is referred to as “the most important in the world”, because it influences interest rates and financial markets around the world.

During September, it rose 80 basis points.

Read also: Sharp decline in Asian stock exchanges

– We should expect a very strong dollar

The fact that you have such a strong increase in US interest rates is attracting inflows into the US dollar, says Nanette Hechler Weideherbe, investment director for international wealth management at Credit Suisse, and adds:

– As long as monetary and fiscal policies around the world do not want to strengthen their currencies, we should expect a very strong dollar.

When the US dollar rises strongly, it can increase inflation in more countries than just the US. That’s because goods that are often imported, such as oil, gas and other raw materials, are traded in dollars, and with that become more expensive.

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