Crude oil stockpiles in the US slumped sharply last week, according to the crude inventories data just released by 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
USDNOK is under selling pressure for one more day and breaks below the critical 200-day moving average, which might accelerate the pressures. Today better unemployment data from Norway boosted NOK. The Norway Unemployment non seasonally adjusted came in at 4.8%
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 retreat from recent highs after Norges Bank in an emergency move voted unanimously to cut the rates by 50...
USDNOK makes a second attempt today to break above the 200-day moving average support. Yesterday the pair managed to pierce that resistance
Weaker than expected Industrial Confidence figures is weighing on the Norwegian Krone. The USDNOK has risen to a 2-week high...
The Norwegian Krone is benefitting from today’s surge in the price of crude oil. Crude oil prices surged 25% on...
The USDNOK fell today as the Norwegian Krone gained strength from the Norges Bank’s decision to maintain interest rates at...
USDNOK advances to monthly highs as crude oil price slumps to three-month lows. Global growth worries rise as coronavirus spread...
The USDNOK pair will be in focus as the central bank of Norway, the Norges Bank, gets set to make...