The Norwegian Krone drifted lower against the U.S. dollar in early European deals on Wednesday, as investors turned cautious ahead of the Federal Reserve’s decision later in the day.
Although the Fed is expected to leave rates unchanged at its October meeting, many investors still expect it to give indications about a rate hike by year end.
The Norwegian Krone declined to 8.4841 against the greenback, its weakest since October 1. The Krone is likely to find downside target around the 8.6 region. At Tuesday’s close, the pair was valued at 8.4402.
The material has been provided by InstaForex Company – www.instaforex.com