GBP/NOK Extends Losses as post-Brexit Uncertainty Weighs

GBP/NOK retreated for a seventh consecutive trading session on Tuesday as uncertainty after Britain’s official departure from the EU in January reemerged. Market players seem to be concerned that the country could part ways with the bloc without any trade deal, as British Prime Minister Boris Johnson indicated no trade talks extension beyond December 2020.

On the foreign exchange market, GBP to NOK exchange rate inched lower, touching a fresh 10-weeks high settling at 11.5292, registering a +0.49% gain. During Tuesday’s trading session, currency traders saw GBP/SEK exchange rate quoted within a tight trading range of 11.6069 — 11.5086.

On the macroeconomic front, no volatility-inducing reports to affect the exotic pair are scheduled for this week. Therefore, investors are likely to abstain from data-driven decisions in holiday-thinned trade. The spread between 2-year Norwegian and 2-year UK bond yields, which reflects the flow of funds in a short term, expanded to 0.740% (74.0 basis points) on December 24th from 0.721% (72.1 basis points) on December 23rd.

Major Forex trading centers such as Australia, New Zealand, Singapore, Hong Kong, London and New York will remain closed on Wednesday for the Christmas Day holiday. Tokyo will be open for business, but trading volumes are expected to be exceptionally light.

GBP/NOK was up 0.20% to 11.5524 in late Asian session on Wednesday. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.