EUR/NOK Chart — Euro to Norwegian Krone

Cross Euro Norwegian Krone is a highly liquid trading tool that is gaining great popularity among traders.

Interesting facts

The Norwegian Krone (NOK), the currency of Norway, is minted by the Oslo Mint. Since 2017, banknotes of a new type have been issued. Until 2028, it is planned to withdraw all old money from everyday life.

Norway is the fifth country in the world by the number of exported petroleum products. Well-developed fishing, gas, paper, aluminum production.

Oil and gas revenues account for approximately 20% of GDP - 45% of exports. Unemployed in a state for less than 3%. Social security and healthcare programs are among the best in the world.

In 2015, a fund founded by oil revenues was created. It saves and increases funds, which will subsequently become pensions for the Norwegians.

Such an enterprise is one of a kind. All these circumstances provide an influx of labor migrants, which increases industrial production.

Norway enjoys a free-floating exchange rate. The rate anchor is inflation indicators. The country is dependent on oil prices because the cost of the crown is constantly changing. At the moment, 1 euro in the country costs 9.8 kroons.

The state of the crown is stable, despite the debt crisis in Europe. Although the export of oil products has fallen, the state’s economy has not suffered from this due to abundant natural resources.

More than 60% of all exported goods are sent to the Eurozone, in which 19 of the 26 participating countries recognized the euro as official currency.

NOK can be seen as a worthy alternative to the Swiss franc. It can become a refuge for investors who want to keep their currency: foreign investments provide the krone with a stable exchange rate.

How to trade

The euro depends on the economy of 19 member states of the European Union; therefore, it regularly faces problems of economic recession.

The European Central Bank is involved in the settlement of currency unrest: this is rather difficult since the economic space of the Eurozone is uneven. Some countries give and receive.

The traditional method of settlement is raising and lowering interest rates. They are based on the average indicators of each country, in particular, and in conjunction with other participants.

For example, Germany (economically strong and stable state) equalizes the situation in the European Union, compensating the situation in Greece, which is located in the case of default and on the face of return to its currency.

This means that the stronger countries have a significant influence on the course Euro-, while weak – practically no. Consequently, to provide for the jumps of the cost of this currency, one should follow the internal situations of economically stable states.

The factors, which can influence the currency unit, most frequently the same. Among them are the unemployment rate, gross domestic product, output, foreign investment, etc. For the Euro - it the average, based on all countries, which recognized EUR as the home currency.

To understand, when it is worthwhile to conclude the transaction or to leave from it, the trader should be connected to proximate analysis. In this pair of currencies the gallops, of course, insignificant, therefore excellently be suitable for novices as the area for the instruction.

In this case, it is possible to learn to begin to operate calculation, intuition, business grasp – all resources, capable of showing, where the course will rock.

In the transactions on EUR/NOK cannot be considerably won, but also it is essential to lose – also. Using small assets, you can slowly develop your tactics, try several different trading schemes.

Furthermore, the purchase of Norwegian crown – this is a good method to protect personal means. This is a stable currency with minimal chances to fall in value, so you can safely store assets in NOK.

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