Scandinavian Currencies Gain Against Dollar, Norwegian Krone Hits Multi-Year High, Monday, July 02, 2007 9:23:49 AM

Scandinavian currencies gained ground against a generally weak American dollar Monday morning in New York. The Norwegian krone advanced copiously to a multi-year high against the greenback. Meanwhile, the Danish krone reached a one-month high and the Swedish krona ticked to a three-week high against their American counterpart.

The Norwegian krone advanced to a multi-year high versus the dollar Monday morning in New York. After uncertain trading marked the very early morning, the Norwegian currency advanced sharply just before 1:00 am ET. At 9:00 am, the krone reached an intraday high of 5.8504 against its American counterpart.

The Danish krone climbed to a one-month high against the greenback Monday morning in New York. At 9:00 am ET, the Danish currency hit an intraday high of 5.4663 against its American counterpart. This is compared to an intraday low of 5.5060 at 1:40 am. Traders considered data showing that Danish retail sales were down 0.9% on month and lower by 2.8% on year in May.

The Swedish krona hit a three-week high against the dollar Monday morning in New York. After falling during the early morning, the Swedish currency began an advance just before 3:00 am ET. At 8:40 am, the krona climbed to an intraday high of 6.7918 against its American counterpart. The Swedish currency lost some of its gains soon after that, trading at a mark of 6.8015 at 9:13 am. Investors mulled data showing that Swedish June PMI rose 1.4 points over May.

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