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 slips to 2-month low as crude oil price unhinged rally extends

The USDNOK pair declined by more than 50 basis points as the crude oil price rallied today. This made the Norwegian krone the second best-performing currency in the developed world after the Australian dollar. It is now trading at 9.5550, which is its lowest level since March 11.

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USDNOK

Rising Crude Oil Prices Push Down USDNOK to 2-Month Lows

Rising crude oil prices have been good for the Norwegian Krone, helping it to advance to 2-month highs against the US Dollar. This phenomenon has kept the USDNOK on a downward trajectory as crude oil output cuts are helping oil prices to recover.  Brent crude oil price touched off an [...]
norges bank NOK

USDNOK: Surprise! Norges Bank Cuts Rates to 0%

USDNOK remains unfazed after Norges Bank surprised markets with 25 basis points cut to 0%. The Monetary Policy and Financial Stability Committee of Norges Bank have unanimously decided to reduce the policy rate.

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USDNOK

USDNOK Retreat And Tests The 50-Day Moving Average

USDNOK retreat for the second consecutive day and makes another attempt to break below the 50-day moving average as the bears rejected the previous week at the critical support moving average. As crude oil rallies after hitting historically low levels, the previous week NOK is gaining momentum. The significant events [...]
USDNOK

USDNOK Heads Lower As Crude Oil Prices Get Uplift

A recovery of crude oil price is fuelling strength in the Norwegian Krone, sending the USDNOK down 0.47% on the day to 10.26704. The Norwegian Krone was able to start reversing the losses suffered in the Friday session with gains against the US Dollar as the crude oil price benchmarks [...]

USDNOK Back On the Upside As Crude Oil Price Keeps Sliding

The USDNOK has resumed the upside as the meteoric slump in crude oil price continues to pressurize the Norwegian Krone. The USDNOK is presently trading at 10.73160, which is 0.92% higher on the day as the pair aims to finish the day in winning territory for the 3rd straight session.  [...]
USDNOK

USDNOK Higher As Crude Oil Price Slumps

USDNOK jumps to two-week highs as the crude oil price is under severe selling pressure for one more day. A historic move yesterday from the front-month crude oil futures price that dropped close to $-40 ahead of today’s expiration send all commodities linked currencies lower. The pair hit earlier on [...]