|Member Sentiment Bullish|
Live and Historical USD/NOK Rates
This chart shows the value of the United States dollar (USD) against the value of the Norwegian krone (NOK) - how many Norwegian krones are necessary to purchase one United States dollar. The US dollar is a major currency, but the Norwegian krone is not. USD/NOK forms neither a major nor a commodity pair.
The U.S Dollar
As one of the most powerful currencies, it follows that the economy behind the USD is also strong. Major trade partners for the US include Canada, China, Mexico, Japan and Germany and much of that trade happens in the manufacturing, agriculture or finance sectors. The USD's governing body is the Federal Reserve, and they maintain tight control over the dollar, seeking a balance between inflation and stagnant growth. The major way the Federal Reserve affects USD value is by adjusting the lending interest rate. USD is a floating currency and several commodities, including oil and gold, trade exclusively in USD.
The Norwegian Krone
The Norwegian krone entered the world market in 1875. Like most currencies at this time, NOK was pegged to USD in 1939, but the krone has grown much in volume traded since then. NOK was tenth in most traded currencies in 2009. Norway's economic growth is most influenced by its natural resources. Petroleum and natural gas were discovered in very large reserves in the North Sea in 1969, and Norway has utilized this store to build NOK value. Norway also capitalizes on natural resources like its fisheries and hydroelectric power. As a result, the krone is a strong commodity currency. To this point, Norway has resisted the transition to the euro.
Naturally, the USD/NOK pair has a degree of correlation with EUR/USD. The US does carry on some trade with Norway, though most of the energy commodities go to the UK or EU member nations. Still, oil is largely traded in dollars, and this alone causes a relationship. The best way to profit from this pair is by watching commodity prices (oil and natural gas). It is also important to be aware of any political possibility that Norway will switch to the euro. If the public will shifted in this direction there would be obvious and significant consequences
December 19, 2014 at 9:36 PM • Comment
*Key Fundamental Forex Events for the Week of December 15th through December 19th* The following table lists the key economic data and other events that came out during the week of December 15th through December 19th, with release times...Read More
December 16, 2014 at 2:46 AM • Comment
*USDCAD bull theme reinforced and re-energized*Read More
December 15, 2014 at 9:44 AM • Comment
*Key Fundamental Forex Events and Forecasts for the Coming Week* The following table lists the key economic data and other events that are due out during the week of December 15th – December 19th, with release times displayed for...Read More
December 15, 2014 at 9:38 AM • Comment
A rebound Friday, as expected, having held on Thursday on the dip above modest support at 1.2362 to leave a positive bias to the range environment.Read More
December 13, 2014 at 3:36 PM • Comment
*Key Fundamental Forex Events for the Week of December8th through December 12th* The following table lists the key economic data and other events that came out during the week of December8th through December 12th, with release times displayed for...Read More