Norwegian Krone Off 3-week Low Vs U.S. Dollar After Norway Rate Decision

The Norwegian Krone trimmed is early losses against the U.S. dollar in the European session on Thursday, after the Norges Bank left its key interest rate unchanged and indicated that the rate was likely to remain at the current level for the coming years, though the probability of a decrease was greater than that for an increase.

The Executive Board of Norges Bank decided to keep the benchmark rate at 0.50 percent, in line with economists' expectations. The previous change in the rate was a quarter-point reduction in March.

"Our current assessment of the outlook suggests that the key policy rate will most likely remain at today's level in the period ahead," Norges Bank Governor Oeystein Olsen said.

The Norwegian Krone that declined to a 3-week low of 8.6244 against the greenback in the Asian session rebounded to 8.5472.The Norwegian Krone is likely to find resistance around the 8.5 mark.