GBP/NOK Attempts a Rebound from 2-Months Low

GBP/NOK attempted to break a seven-day string of losses in light Asian trade on Wednesday, after touching a fresh two-month low of 11.4972 on December 24th. In early trade, on the foreign exchange market, the GBP/NOK exchange rate was seen quoted within a range of 11.5759 and 11.5542.

The Pound gains achieved after Boris Johnson’s Conservative Party won a majority in the UK general election on December 12th are now erased, while the possibility of a hard Brexit scenario in the upcoming months has triggered a further retreat of the British currency.

“We suspect that the bulls have pared their positions amid the buy the rumor sell the fact activity since the election,” Marc Chandler, chief market strategist at Bannockburn Global Forex in New York, stated in a note to clients.

The spread between 2-year Norwegian and 2-year UK bond yields, which reflects the flow of funds in a short term, shrank to 0.736% (73.6 basis points) on December 25th from 0.740% (74.0 basis points) on December 24th.

From a macroeconomic perspective, the United Kingdom and Norway are not scheduled to release any relevant reports today.

NOK currency traders now expect the monthly report on retail sales at the start of next week for clues over consumption trends in Norway. GBP/NOK was up 0.12% to 11.5607 in early Asian session on Thursday. 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.