Even though the EUR/NOK has rallied in the last few weeks as a result of falling oil prices, Nordea Bank has predicted that the pair would hit a price target of 9.75 by the end of 2021. Economists at Nordea Bank base their price prediction on a recovery of the […]
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
[adrotate group=”3″] Price action on the USD/NOK remains range-bound, as the main fundamental driver of this pair (crude oil prices) also continues to trade in the tight range found between the $62 – $66 price levels. Analysts at TD Securities believe that April 2021 could see the presently “overvalued” Norwegian […]
[adrotate group=”3″] The Norges Bank left its key interest rate unchanged at 0.00%, choosing to provide forward guidance of a possible rate hike down the road in 2021 amid signs of continuing economic recovery. The Norges Bank, in providing forward guidance, says that the present assessment of the economic outlook […]
[adrotate group=”3″] As the Norwegian Krone waits for possible action from the Norges Bank, it is receiving a strong push from rising crude oil prices. This presents an opportunity to trade a currency pair which at the moment, presents divergent fundamentals. The EUR/NOK is in a short-term downtrend, as the […]
[adrotate group=”3″] The Norwegian Krone continued to gain momentum against the US Dollar for the 3rd trading day in a row, as the Norges bank held interest rates at the record low of 0% this Thursday. However, the Norges Bank has brought forward its plans to hike interest rates as […]
[adrotate group=”3″] 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 […]
[adrotate group=”3″] 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 […]
[adrotate group=”3″] 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 […]
USDNOK makes a second attempt today to break above the 200-day moving average support. Yesterday the pair managed to pierce that resistance
[adrotate group=”3″] 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 […]