After drop against Dollar yesterday, as US Federal Reserve raise rates by 25 basis points, Krone is just in forward march today after Norges bank kept rates steady at 0.75%, despite weakness in oil price, Norway's biggest export commodity.

In September, it had cut rates by 25 basis points to current record low level.

Despite holding policy, in its policy statement it has recognized weakness in economy. In fact statement was quite dovish.

"The effects of the fall in oil prices and the decline in oil investment on the Norwegian economy are gradually becoming evident. Going forward, household consumption and private sector investment are expected to be lower than previously projected. Unemployment is expected to rise slightly more than projected in the September Monetary Policy Report."

So, why Krone moved up despite such dovish comments.........because other comments suggest central bank worried on risks too, which might lead to a long pause or fewer cuts in future.

"On the other hand, an expansionary fiscal policy will support demand for goods and services. Overall, there are prospects that growth ahead will be somewhat weaker than anticipated. Monetary policy is expansionary and is supporting the restructuring of the Norwegian economy. The krone has depreciated and inflation has picked up. A lower key policy rate may increase the risk of a more rapid rise in real estate prices and debt. Uncertainty as to the effects of the monetary policy stance suggests a cautious approach to interest rate setting."

Despite stronger Dollar across board, Norwegian krone is just ruling the day, exposing cracks in Dollar strength, since no change was widely expected.

Krone is currently trading at 8.704 per Dollar, up 0.72% so far today, and 9.448 against Euro, up almost 0.9% so far today.