The Norwegian Krone meandered along the middle of major currency road Tuesday but could accelerate through the 2021 rankings this summer as Europe frees itself from a coronavirus vaccination mire, a global economic upswing lifts oil prices and the Norges Bank raises interest rates before any of its peers.
The British Pound swung between gains and losses at the start of a new week that will welcome both a new month and quarter and therefore promises a volatile week of trading, although analysts note April is traditionally a strong month for the UK currency.
The Krone tumbled on Tuesday but remained a leading contender for outperformance in 2021, according to analysts at Nordea Markets, Goldman Sachs and HSBC among others, who cite the likelihood of Norges Bank interest rate rises this summer for upgraded or otherwise simply bullish forecasts.
The British Pound recovered through the latter part of the previous week with analysts saying positive sentiment concerning the UK's vaccine-driven economic rebound remains the fundamental source of support for the currency.
The British Pound has fallen to a six-week low against the U.S. Dollar and a two-week low against the Euro as investors turn increasingly pessimistic about the global outlook, however one analyst we follow says the Pound should ultimately remain well supported thanks to the country's vaccine rollout programme.