Business

Norway traders win an hour in data fight

Norwegian crown notes Image copyright Getty Images
Image caption Currency dealers argued the move to an earlier release could cause volatility in the krone

Traders in Norway have won an hour's reprieve in the battle over the new timing of the country's economic data releases.

The statistics agency currently publishes data at 10:00 local time and had planned to change that to 07:00.

But traders argued it could create instability in the currency, as well as making it tricky to get their children to nursery.

The agency has now agreed to publish the data at 08:00.

Statistics Norway said it had been contacted by several people in the finance industry, pointing out that such an early release time might lead to increased volatility in the buying and selling of the Norwegian krone at a time of day when trading on the markets is thin.

"By adjusting the new release time from 7 to 8am we believe we have found a good balance between the needs of Statistics Norway and the finance industry", a statement said.

The data has been released at 10:00 for nearly 20 years. The agency said this was in part because it used to be printed on paper, but now there were no such technical limitations since they were now released digitally.

The change will be introduced on 23 September.

The Norwegian Securities Dealers Association said it was "an important improvement" since dealers could at least contact clients at that hour. A spokesperson said that while they were not totally satisfied, they would accept the decision and monitor its effect on liquidity when it was introduced.

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