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High <% currencies.converter.data.Current.high %>
Low <% currencies.converter.data.Current.low %>
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Into
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USD to NOK conversion rates
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NOK
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What impacts the USD/NOK exchange rate
Trading the US dollar against the Norwegian krone, the USD/NOK is the most popular currency pair to trade the NOK. The US dollar is the most popular currency in the forex market and is considered as a reserve currency owing to the perceived stability of the US economy. On the other hand, the Norwegian krone is considered a commodity currency as its value is closely correlated with the price of crude oil - a key export from Norway. As a result, the USD/NOK currency pair shares a close correlation with crude oil, with Norway being a leading exporter of crude oil while the US is the world's largest energy consumer. When the price of crude oil rises, the NOK strengthens, causing the forex pair to trade bearish, and vice versa. In addition to crude oil prices, USD/NOK also experiences price action on the release of monetary policy decisions and changes to the interest rates by the Federal Reserve (Fed) and the Norges Bank. For instance, when the Norges Bank hikes interest rates, it indicates increasing confidence in the Norwegian economy and strengthens the NOK. This then drives the USD/NOK currency pair bearish.
USD to NOK exchange rate - FAQ
What other currencies is the Norwegian krone correlated with?

The NOK enjoys a strong correlation with the Danish krone and the Swedish krona. In addition, the Norwegian krone also enjoys a weaker correlation with GBP, EUR and CAD.

What are the key economic events that can affect the exchange rate of USD/NOK?

The USD/NOK currency pair sees significant fluctuations on the release of important economic data from the US and Norway, including GDP, consumer confidence, household consumption, unemployment rate, retail sales, industrial production, PMI readings from the manufacturing and services sectors, and inflation.

How does the market sentiment impact the USD/NOK exchange rate?

As the Norwegian krone is considered a commodity currency, it is heavily influenced by the market sentiment. A risk-on sentiment drives traders towards the riskier NOK, turning this pair bearish. On the other hand, when markets trade with a risk-off sentiment, the USD/NOK currency pair turns bullish.