The Norwegian krone lost ground against its US counterpart on Monday morning after the Statistics Norway report showed that the nation's industrial production declined in October.
The Industrial production dropped a seasonally adjusted 1.1% month-on-month, in contrast to the 1% rise in September. On a yearly basis, industrial output dropped a working day adjusted 4.9% in October. Manufacturing production dropped 5.3%, steeper than expectations for a 3.7% decline.
Norway's currency that slumped to a 10-day low of 5.7534 against the greenback around 4:00 am ET moved mostly in a sideways pattern thereafter. A trend below the 5.782 support may bring the domestic unit down to its lowest level in more than a month. The pair is presently trading at 5.7276, compared to last week's close of 5.687.
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