Norway’s Krone

Slumping oil output weighs on NOK

Erik Norland, Senior Economist, CME Group, Strategic Intelligence & Analytics

When seen from a US dollar (USD) perspective, the Norwegian krone (NOK) appears to be driven by two main factors: 1) the price of oil (Fig.1 and 2) the relative value of other European currencies. This isn’t too surprising given that crude oil and its refined products accounted for 56.5% of Norway’s exports in 2018 and the great majority of those exports were within Europe (8.5% to Sweden, 20% UK and 43% eurozone, and another 4% to euro-linked Denmark). 

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