The krone is falling to its weakest point before Christmas, while many of the stock markets around the world are kneeling, among other things after very bad Netflix news.
The krone falls to 10.11 kroner against one euro on Friday, down from 9.92 kroner on Thursday night, and is now at its clearly weakest in 2022.
This is bad news for all Norwegians who buy goods abroad, or dream of a holiday trip to southern regions.
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Weak numbers
The reason for the fall in the krone is a global fall in the stock market where both the Oslo Stock Exchange, the German DAX index, the American stock exchanges and most others are down. Fear of omikron and poor results from big companies, such as American Netflix, are dragging down, according to CNBC.
Netflix released miserable numbers after the stock exchange closed on Thursday, and falls 21 percent at the opening on Friday after the streaming giant confirmed that fewer people subscribe to the service than before.
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This is partly due to competitors such as Disney Plus steals subscribers. Interestingly, Disney is also down five percent.
On the Oslo Stock Exchange, most large companies are down. The worst thing is for the giant Autostore, which fell 10 percent on Friday.
Oil prices down
Overall, the Oslo Stock Exchange falls 1.25 percent, while the DAX is down 2.5 percent. The technology-heavy Nasdaq stock market is also down in the US, especially burdened by Netflix.
Currency strategist at DNB Markets, Magne Østnor, emphasizes that the Norwegian krone has actually held up well recently, especially helped by a strong oil price, but that several things are contributing to the decline on Friday.
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– The oil price is a bit down from yesterday and it is a bit confusing stock market, but it is not always there is a perfect connection between these things either, he says to Nettavisen.
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