Strong currency to fuel outbound travel

Experts predict cheap breaks abroad by Christmas
Foreign currencies are becoming weaker compared to the Norwegian krone, especially the dollar, and experts predict the krone will get even stronger towards the end of the year.
“We believe this level will last in the near future, and in the autumn and near Christmas the krone will strengthen even further,” Magne Østnor, currency strategist at DNB Bank, tells the NTB news agency.
The price of the dollar has slipped since NOK 8.68 on May 10, to fall to just under NOK 8 for the first time since 2015. The euro and the Swedish and Danish currencies have also become cheaper.
“We believe this will continue, and that the krone will get stronger, but perhaps not immediately,” Østnor said.
Kjetil Olsen, chief economist at Nordea bank, agrees. “We are quite stubborn in holding to the belief that the exchange rate will continue, especially against the euro.”
He added: “Looking a year ahead, we’ll have a stronger kroner against the dollar, and if the price stays as it is now, it will be much better to go Christmas shopping in the USA this year than last.”
Norway Today


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