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2014.06.2014:42:00UTC+00Nok Tumbles down to 2009 Lows Against Gbp After unexpected Change to Cbank Policy

  • An unexpected change in central bank policy sent Norway's crown tumbling to 2009 lows against sterling yesterday. 
  • At one stage GBP/NOK had climbed as much as 3.5% on the day, underlining the impact central bank guidance has on currency rates. 
  • The crown plunged after Norway's central bank pushed expectations for a rate hike to roughly 2016 from previous forecasts of next summer. 
  • Renewed economic headwinds caused the bank's sudden shift on policy and even prompted bankers to warn that the next policy move could be a rate cut.

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