The 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.
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Norwegian Krone Follows Crude Oil in Rally
