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


Latest USDNOK News

USDNOK

USDNOK: Dollar Gets up From the Canvas Versus Kroner

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 […]

USDNOK

Norges Bank Rate Decision Preview: USDNOK In Focus

The USDNOK pair will be in focus as the central bank of Norway, the Norges Bank, gets set to make its latest interest rate decision public on Thursday, 20 August at 10.00 GMT. Analysts are expecting the key interest rate to remain unchanged at 0%. Norway has mostly kept the […]

USDNOK Trades Slightly Higher As Crude Oil Price Declines

The Norwegian Krone is down on the day, marking a 3rd straight day of losses as crude oil prices remain capped around the $44 mark over concerns about dwindling demand from renewed lockdowns, and the impact of the reduction of the production curbs by the OPEC + alliance that have […]

USDNOK

USDNOK Trades Flat Despite Fall in Norway’s Crude Oil Production

The USDNOK continues to remain under pressure as a result of the stellar performance of the Norwegian Krone and underperformance of the greenback. A lot of the NOK’s strength this month has been crude oil-related.  Today, the Norwegian Petroleum Directorate reports that Norway’s crude oil output dropped to 1.54 million […]