Why Higher Oil Could Give Norway's Krone Tailwinds
Norway’s government will next year add to record spending of its oil income, withdrawing cash from its massive $890 billion sovereign wealth fund to protect the economy against a slump in the nation’s oil industry. The government will unveil its 2017 budget at 10 a.m. local time. It’s expected to boost its so-called structural oil corrected budget deficit -- or oil money spending -- from the record 206 billion kroner ($26 billion) this year. Still, as the oil market is now showing signs of exiting the crisis, the actual stimulus to economy will probably fall from the 1.1 percentage point impulse unleashed this year. Canadian Imperial Bank of Commerce Head of G10 FX Strategy Jeremy Stretch discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."