Bloomberg News

Norwegian Krone Slumps Versus Major Peers After Oslo Bombing

July 22, 2011

July 22 (Bloomberg) -- The Norwegian krone slumped versus all but two of 16 major peers tracked by Bloomberg after a bomb exploded near government buildings in downtown Oslo.

The blast damaged buildings and was caused by a bomb, a police officer told Bloomberg near the scene.

“We still don’t know much about this bomb, how many have been injured and so forth, but the knee-jerk reaction in the market is to sell the Norwegian krone,” said John Hydeskov, chief analyst at Danske Bank A/S in London. “It shouldn’t have a huge foreign-exchange effect.”

The krone fell 0.9 percent to 5.4484 per dollar, as of 3:16 p.m. in London, and weakened 0.4 percent to 7.8158 per euro.

--Editors: Mark McCord, Matthew Brown

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net.

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.


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