The Norwegian Krone moved up against the U.S. dollar in the early European session on Thursday, as Norway's central bank raised its key interest rate and signaled that more hikes are likely this year, citing stronger-than-expected growth and inflation hovering near target.

The Executive Board decided to raise the policy rate by 0.25 percentage point to 1.25 percent, the Norges Bank said.

"Our current assessment of the outlook and balance of risks suggests that the policy rate will most likely be increased further in the course of 2019", Norges Bank Governor Oystein Olsen said.

The Norwegian Krone appreciated to near a 2-month high of 8.56 against the dollar, up from Wednesday's closing value of 8.70. The next possible resistance for the Norwegian currency is seen around the 6.8 level.

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