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Norwegian Krone Follows Crude Oil in Rally

April 22, 2019 at 12:27 by Vladimir Vyun

A mix of Norwegian krone billsThe Norwegian krone gained today as the rally of crude oil boosted currencies of oil exporting nations.

The Norway’s currency rallied today for the same reason as the Canadian dollar — the sharp rise of crude oil prices. Norway exports crude oil, therefore it was positive news for the nation’s currency. There are concerns, though, that risk aversion can hurt risk-sensitive commodity currencies, including the krone and the loonie.

USD/NOK slipped from 8.5127 to 8.5021 as of 12:12 GMT today. EUR/NOK inched down from 9.5764 to 9.5655, touching the low of 9.5538 intraday.

If you have any questions, comments, or opinions regarding the Norwegian Krone, feel free to post them using the commentary form below.

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