HSBC’s Bloom Backs Norwegian Krone After Slump to 2 1/2-Year Low

Investors should buy the krone against the euro after the Norwegian currency fell to the weakest in 2 1/2 years last month, according to David Bloom, global head of currency strategy at HSBC Holdings Plc in London.

The krone slumped 3.4 percent in the past month, according to Bloomberg Correlation-Weighted Indexes that track 10 developed-market currencies, the worst performer after the Australian dollar. It tumbled the most in more than four years versus the U.S. dollar on June 20, after Norway’s central bank signaled it may cut interest rates just as the U.S. Federal Reserve indicated it was preparing to scale back stimulus