In a battle of risk played out on Friday, the USD/NOK shed off some of its earlier gains of the...
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
USDSGD Chart by TradingView
Price action on the USD/NOK remains range-bound, as the main fundamental driver of this pair (crude oil prices) also continues...
The Norwegian Krone is under pressure this Thursday after the Norges Bank said it would stop its daily purchases of...
The USD/NOK price tilted upwards as investors reacted to the latest FOMC minutes and Norges Bank interest rate decision. The...
The Norges Bank left its key interest rate unchanged at 0.00%, choosing to provide forward guidance of a possible rate...
The USD/NOK is surging strongly this Friday after US employment data blew the market’s expectations out of the water. Most...
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
USDNOK correction from record highs after initial jobless claims jumped to 6,606 million, well above the expectations of 5,250 million...
The USDNOK has resumed the upside as the meteoric slump in crude oil price continues to pressurize the Norwegian Krone....
USDNOK makes a second attempt today to break above the 200-day moving average support. Yesterday the pair managed to pierce that resistance