Convert EUR to NOK - Euro to Norwegian krone Exchange Rate | FX LeadersFX Leaders
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WHAT IMPACTS THE EUR/NOK EXCHANGE RATE
The EUR/NOK symbol represents the trading of the Euro against the Norwegian Krone - an interesting forex pair consisting of two popularly traded currencies worldwide. The Euro is the official currency in use across 19 of the 27 member nations of the European Union, of which Norway is not a member. However, Norway has opted to become a member of the European Economic Area (EEA), giving it access to the European markets for matters related to trade and commerce.The Euro is the second most popular currency traded by forex traders, in terms of volume, and is also considered a reserve currency, second only to the US dollar. On the other hand, the NOK enjoys a close, positive correlation with crude oil - one of Norway's key exports. Whenever the price of crude oil rises, the NOK strengthens, causing the EUR/NOK currency pair to trade bearish, and vice versa.The NOK also shares a correlation with the EUR, making this pair somewhat less volatile in comparison with several other currency pairs in the forex market. This is because of Norway's geographical and economic proximity with the EU, as a result of which economic events that impact the Eurozone economy and currency also affect the Norwegian economy and the NOK.
EUR to NOK CONVERSION RATES
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EUR to NOK CHARTS
EUR/NOK Live Chart
EUR/NOK Historical Chart
EUR to NOK EXCHANGE RATE - FAQ
What economic events influence the exchange rate of EUR/NOK?

The exchange rate of EUR/NOK currency pair experiences significant fluctuations on the release of key economic data from the Eurozone and Norway, including GDP, inflation, unemployment rate, manufacturing PMI, trade balance, retail sales and consumer confidence.

How do central bank decisions affect the EUR/NOK currency rate?

Both the EUR and the NOK see changes in the value upon the release of monetary policy and interest rate decisions by the European Central Bank (ECB) and the Norges Bank respectively. For instance, if the ECB cuts interest rates or adopts a more dovish outlook towards its monetary policy, the EUR weakens, causing the EUR/NOK forex pair to trade bearish, and vice versa.

What was the highest value of EUR/NOK in 2020?

The EUR/NOK traded at a high of 13.1828 on 19 March 2020. This was the strongest value this currency pair touched through 2020.