EUR/NOK – Live and Historical Rates
The Euro – used by the 21 countries of the Eurozone – is a major currency. The Norwegian krone on the other hand is not. The pair that these two currencies form is not a major, nor is it a commodity currency, despite the fact that the Norwegian economy is indeed heavily reliant on the sale of commodities.
The Euro represents quite probably the most ambitious attempt at a monetary union in the history of mankind. Introduced in 1999, the story of the EUR has mostly been one of success thus far, despite a few hiccups. Currently used by 21 nations, the EUR is supposed to be adopted by a number of other EU members like Hungary and Poland, who are currently dragging their feet in this regard. Indeed, following the 2008 financial crisis, which exposed the vulnerabilities and structural shortcomings of the common currency, the EUR has suddenly become a much less attractive option
The Norwegian Krone was introduced way back in 1875, when Norway became a member of the Scandinavian Monetary Union. While the Union fell apart in 1914, Norway has kept the krone. A said above, the krone is indeed a commodity currency. The economy of the country relies heavily on exports of petroleum products, natural gas and it makes great use of hydroelectric power. Fisheries have to be added to the list as well. Though it enjoys close ties with the EU, Norway is one of only two Nordic countries which have thus far refused to join the Union.
Because of extensive trade and geographical proximity, the correlation between these two currencies is indeed strong. The Eurozone isn’t the only major trade partner of Norway though, as the country exports energy elsewhere too. What this means in practical terms is that the evolution of the USD has a sizeable impact on the NOK too.
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