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US Dollar Correction may Continue
The US dollar fell against all the major currencies except the Japanese yen in the week following the disappointing job growth in February. The Norwegian krone was the strongest of the majors, appreciating 2.8% against the dollar and nearly 2% against the euro amid speculation the central bank will be the first, and maybe only major central bank to hike rates this year. The Norges Bank is expected to hike its deposit rate to 1.00% from 0.75% due to the rise in price pressures. Underlying CPI, which excludes energy and adjusts for tax changes, rose 2.6% in February from 2.1% in January. As recently as the middle of ... (full story)