Crude oil stockpiles in the US slumped sharply last week, according to the crude inventories data just released by the Energy Information Administration (EIA). Crude oil inventories dropped by 8 million barrels in the week ended October 30, versus the 300,000 barrels that the markets expected to be added. This […]
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.
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
Latest USDNOK News
The USDNOK looks set to end the week higher despite today’s intraday pullback that has provided respite for the Crown, after it slid to one-month lows versus the greenback. A massive selloff in crude oil prices on Wednesday and Thursday provided the template for the oil-correlated Norwegian Krone to plunge […]
Upbeat economic data from Norway has helped the Norwegian Krone rally to 2-week highs this Monday, sending the USDNOK lower for the 6th straight session. House pricing data for September showed an annualized 5.8% spike above the levels for the same period last year, representing the largest increase in 3 […]
USDNOK makes a second attempt today to break above the 200-day moving average support. Yesterday the pair managed to pierce that resistance
The Norwegian Krone, already pressured by falling crude oil prices, was weakened further after the Norges Bank held rates at 0.0%, sending the USDNOK higher. The USDNOK is now 5.61% higher this week and continues to attract strong bids as the pair seeks to storm away from its recent lows. […]
USDNOK rallied hard this week and now eyes resistance above at the 10.00 level. The pair broke through the 50 day moving average last week and found support to keep the bullish bounce in play for the greenback. Oil prices are hovering around the $40.00 level, but this is still […]
Retreating crude oil prices in the last few days leading up to yesterday have allowed the US Dollar to gain ground against the Norwegian Krone. However, today’s recovery has provided some strength in the Crown, allowing the greenback to pull back from weekly highs on the pair. Crude oil prices […]
The recent USDNOK rally has seen the U.S. dollar fight back against the Norwegian Krone after the greenback registered steady losses since the mid-March panic selling. A big move into the U.S. dollar as a safe haven, coincided with the panic low spike in crude oil to negative territory and […]
The Norwegian Krone is extending last week’s gains against the US Dollar, hitting a 1-year peak versus the greenback as crude oil prices edged higher today on the back of additional stimulus support and increasing risk appetite. New global stimulus measures spurred risk appetite in stocks and risky commodities, enabling […]
As the approach of Hurricane Laura shutters Gulf Coast oil production, crude oil prices are rising and boosting the Norwegian Krone. The rise in crude oil prices is a welcome tailwind for the Krone, which saw its GDP fall less than economists had expected. Norway GDP fell by 5.1%, less […]