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USDNOK

In this section, you will find our latest USDNOK news and analysis, you will also be able to read about its history, and find a live chart for technical analysis.

The Norwegian krone was first issued in 1875 when Norway replaced its initial currency, the speciedaler. The country also then joined the Scandinavian Monetary Union with Denmark and Sweden. During this time, the krone was pegged to the gold standard with 2,480 kroner equivalent to 1 kilogram of gold.

Related currencies: USDMXN – USDNOK – USDRUB – USDSEK.

However, with the outbreak of World War I, the monetary union was dissolved and each country took on their own respective currencies.
What is USDNOK?
USDNOK is the financial symbol which refers to the spot exchange rate of the US dollar and the Norwegian Krone.

The NOK was pegged to the US dollar in 1939 and soon after, to the Reichsmark during World War II. It was later re-pegged to the British pound before allowing the Norwegian krone to float freely in 1992. It has been managed by its central bank called the Norges Bank or the Norges Bank.

Just like any currency, the USDNOK rate tends to be sensitive to central bank announcements as well as to economic data. Norway is known to be one of the most stable economies in Europe. With its credibility, the Norwegian krone tends to attract currency flows when there are concerns about the eurozone. Case in fact is when the NOK rose to its highest levels against the region’s shared currency in 2013 following the eurozone debt crisis. EURNOK reached an all-time low at 7.24 NOK. During this time, USDNOK also hit multi-year lows at 5.43 NOK.

Aside from being an alternative investment to the euro, the Norwegian krone shares a positive relationship to the price of crude oil. This is because aside from Norway’s primary industries, namely: shipping, hydroelectric power, fishing and manufacturing sectors, the country is also the largest oil exporter in Western Europe. Higher prices of oil is assumed to be beneficial to the Norwegian economy because it would translate to higher incomes from producing the commodity.
Live USDNOK Chart

USDSGD Chart by TradingView

Forex
·Aug 19, 2022, 09:24 BST

USD/NOK Outlook: To Retest 10 Despite Hawkish Norges Bank

The USD/NOK price tilted upwards as investors reacted to the latest FOMC minutes and Norges Bank interest rate decision. The...
Read More
Forex
·Aug 05, 2022, 14:48 BST

USD/NOK Surges On Strong Non-Farm Payrolls Data

The USD/NOK is surging strongly this Friday after US employment data blew the market’s expectations out of the water. Most...
Read More
Forex
·Jan 28, 2022, 13:55 GMT

USD/NOK Outlook: Are Higher Crude Oil Prices Stalling the USD’s Gains?

In a battle of risk played out on Friday, the USD/NOK shed off some of its earlier gains of the...
Read More
Forex
·Nov 18, 2021, 16:23 GMT

USD/NOK Outlook: Norwegian Crown Set to Weaken Further As Norges Bank Stops Asset Purchases

The Norwegian Krone is under pressure this Thursday after the Norges Bank said it would stop its daily purchases of...
Read More
Forex
·May 26, 2021, 18:24 BST

EUR/NOK Outlook: Nordea Bank Sets a Year-End Price Target of 9.75

Even though the EUR/NOK has rallied in the last few weeks as a result of falling oil prices, Nordea Bank...
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Forex
·Apr 08, 2021, 17:06 BST

USD/NOK Outlook: Krone Overvalued; Could Weaken in April – TDS Securities

Price action on the USD/NOK remains range-bound, as the main fundamental driver of this pair (crude oil prices) also continues...
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norges bank NOK
Forex
·Mar 18, 2021, 13:59 GMT

USD/NOK Rises As Norges Bank Leaves Rates Unchanged at 0.00%

The Norges Bank left its key interest rate unchanged at 0.00%, choosing to provide forward guidance of a possible rate...
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Forex
·Mar 09, 2021, 15:36 GMT

EUR/NOK Trade Opportunity: Divergent Fundamentals Hold the Key

As the Norwegian Krone waits for possible action from the Norges Bank, it is receiving a strong push from rising...
Read More
USDNOK
Forex
·Jan 21, 2021, 16:10 GMT

USDNOK Plunges As Norges Bank Plans Earlier-than-Scheduled Rate Hike Cycle

The Norwegian Krone continued to gain momentum against the US Dollar for the 3rd trading day in a row, as...
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USDNOK
Commodities
·Nov 04, 2020, 16:17 GMT

USDNOK Reinforces Downside Move After Sharp Drop in Crude Oil Inventories

Crude oil stockpiles in the US slumped sharply last week, according to the crude inventories data just released by the...
Read More
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