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NOK slumps, dragged by oil prices

FXStreet (Córdoba) - The Norwegian krone is among the worst performers in the FX market given its high exposure to oil prices, which continue to fall.

Both Brent and crude oil prices are about 2% down on the day, with the latter having scored a low of $75.90, last seen October 2011. Saudi Arabia cut its prices Monday for oil sold in December in the US, triggering the sell-off. Oil prices are down about 25% from mid-June highs.

EUR/NOK has risen over 130 pips, or 1.59%, throughout the day and reached its highest level since September 2009 at 8.6226 in recent dealings. Meanwhile, USD/NOK gained nearly 1.5% and reached a 5 ½-year peak of 6.8916.

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