NOK

[winston]

"Desperate" investors are rushing to a new safe haven currency

Norway's krone will gain further as investors "desperate" for protection against a deepening European debt crisis turn to one of the few haven markets that isn't overvalued, said Deutsche Bank AG, the world's biggest currency trader.

The krone rose more than any other major currency against the franc on Sept. 6, when the Swiss National Bank said it will defend a target of 1.2 against the euro with "utmost determination."

As Swiss efforts to shut the door on franc appreciation force investors to turn elsewhere, the krone will be one of the currencies to fill the vacuum, said Henrik Gullberg, a London-based strategist at Deutsche Bank.


Source: Bloomberg