EURNOK (EURNOK^)

Pairing – The amount of Norwegian Krone (NOK) that one can buy for every European Euro (EUR).

Position

EUR – World’s second most traded currency

NOK - World’s fourteenth most traded currency

Important Factors

• Quality of life – Norway is well-known for having one of the best standards of living in Europe. Due to this, the currency tends to remain stable, due to low unemployment rates, and a richness of natural resources (including forests, minerals, and sea life).
• Petrol – The largest natural resource in Norway is petroleum, therefore the currency can be heavily influenced by oil prices.
• Economic range – The euro is affected by the economic and political situations of all Eurozone countries, from the strong and stable such as Germany, to those who have had to endure debt and austerity measures, such as Greece, Ireland, and Italy. This can have a sporadic effect on the currency.
• Floating exchange rate – The exchange rate on the krone stopped being fixed in 1992, the Norges bank, Norway’s central bank, made this decision due to much speculation against the currency.