Norwegian Krone At 12-Month High Versus Euro on Oil

The Norwegian krone benefited today from a high rise in the crude oil rates, as Norway is one of the main suppliers of energy for the European Union, helping its currency to gain sharply versus the euro in foreign-exchange markets.

Commodity related currencies ranked among the best performers today versus the euro and the U.S. dollar, and the krone was no exception, reaching the highest rate in more than a year versus the euro and also profiting from optimism in Scandinavia as Sweden posted a favorable manufacturing report.

EUR/NOK traded at 5.7068 as of 19:41 GMT from an opening rate of 5.7935.

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