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 […]
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 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 […]
USDNOK continues the rebound from yearly lows boosted by the Fed minutes that released yesterday. Norges Bank released earlier today its monetary policy decision keeping the interest rates unchanged at 0%
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 continues its slide towards the yearly lows as a weak dollar, and faster than expected economic recovery in Norway supports NOK. Investors await the Norges Bank interest rates decision on August 20.
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 resumes the downtrend today after yesterday's short break and is approaching the yearly lows as investors continue to dump USD. The rising number of new coronavirus cases threatens the economic recovery in the USA
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 […]