The USDNOK pair will be in focus as the central bank of Norway, the Norges Bank, gets set to make...
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 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...
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...
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 jumps today after three days of consolidation at the five-month lows. Risk-off sentiment helps the greenback as investors run away from risky currencies and looking to cover in safe havens such as USD.
The USDNOK pair declined after the Norwegian consumer prices rose in May. The price ignored the falling crude oil prices...
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.
Rising crude oil prices have been good for the Norwegian Krone, helping it to advance to 2-month highs against the...