GBP/NOK Steady above 11.5250 in Post-holiday Trade

GBP/NOK temporarily consolidated in the area just above 11.5250 on Thursday after an attempt to rebound from two-month lows in thin holiday trade. The pair has retreated nearly 2.5% over the past month alone, dragged down by renewed hard-Brexit concerns.

On the foreign exchange market, the Pound to NOK exchange rate was seen trading within a trading range of 11.5709 and 11.5188 during early Asian hours.

Brexit headlines will remain the sole factor to drive the pair during the few remaining trading days of this year until a fresh set of economic data is introduced at the start of January.

Meanwhile, NOK is likely to draw support from a positive macroeconomic outlook for the fourth quarter of 2019. After an overall flat third-quarter, Norway’s economy is on track to pick up in Q4 as monthly GDP growth in October was the highest in 16 months due to solid fixed investment growth. Additionally, October’s industrial output expanded after the state-owned Johan Sverdrup oilfield began operations. Norway’s year-on-year contraction in merchandise exports in November was the smallest in six months, indicating a potential recovery in external markets.

According to the FocusEconomics consensus forecast, Norway’s economy is expected to grow 2% in 2020, supported by stronger housing market, low unemployment and energy industry expansion.

The spread between 2-year Norwegian and 2-year UK bond yields, which reflects the flow of funds in a short term, was at 0.736% (73.6 basis points) on December 26th, unchanged compared to the preceding day.

In terms of economic calendar, the United Kingdom and Norway are not scheduled to release any relevant reports today.

GBP/NOK was up 0.10% to 11.5423 in late Asian session on Friday. 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.