05:11 AM EDT, 06/07/2024 (MT Newswires) -- The Norwegian krone underperformed all other major currencies during early European trade on Friday after the US dollar strengthened modestly, and local manufacturing production was reported to have slumped in April.

USD/NOK was 0.20% higher around 10.5754, making the krone the worst-performing currency in the G10 group while also placing it close to the bottom of the G20 currencies, after Statistics Norway said manufacturing production fell 5.6% MoM in April.

April's outcome fully unwound a 5.6% increase from March and left production down 1.6% YoY following declines across all categories of output, led by refined petrol, chemicals and pharmaceuticals, which were down 4.7% MoM in April.

The Norwegian krone's underperformance came as equity and bond markets softened in most parts of Europe and the US dollar edged higher against most major counterparts ahead of Friday's 8:30 ET release of May's US non-farm payrolls report.

Consensus is looking for non-farm payrolls to rise 185,000 for May on Friday, up from 175,000 in April, but the US Labor Department's weekly claims reports and the Bureau of Labor Statistics latest JOLTS surveys have all been softer recently.