June 13, 2018 / 9:41 AM / 4 months ago

Norwegian crown rallies for second day as rate bets grow

LONDON, June 13 (Reuters) - The Norwegian crown rallied for a second consecutive day against the dollar and the euro on Wednesday as expectations grew that the central bank might strike a hawkish note at a policy review next week following an upbeat business survey on Tuesday.

Against the euro the crown strengthened a third of a percent to 9.4285 crowns per euro, its strongest since late October.

Norges Bank’s regional network business survey, a key component in rate decisions and interest rate forecasts. has given fresh legs to the crown. The Norwegian currency has gained nearly 2 percent against the dollar so far this month.

The central bank, which in March signalled that it may hike rates in September, is due to hold its next decision on June 21. In contrast, expectations are for a rate increase from the European Central Bank in the second half of 2019. (Reporting by Saikat Chatterjee Editing by Tommy Wilkes)

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