Currency War Shuffles Office Chairs as Norway Tames Krone

“Following Switzerland’s move in 2011 to cap an appreciation in the franc, Governor Oeystein Olsen started warning that he may cut rates to weaken the krone. After lowering rates twice, his fight culminated in June last year when he stunned traders by signaling he was preparing to ease again, triggering the biggest decline against the euro in more than four years.” A race to the bottom.