Convert USD to NOK
The NOK enjoys a strong correlation with the Danish krone and the Swedish krona. In addition, the Norwegian krone also enjoys a weaker correlation with GBP, EUR and CAD.
The USD/NOK currency pair sees significant fluctuations on the release of important economic data from the US and Norway, including GDP, consumer confidence, household consumption, unemployment rate, retail sales, industrial production, PMI readings from the manufacturing and services sectors, and inflation.
As the Norwegian krone is considered a commodity currency, it is heavily influenced by the market sentiment. A risk-on sentiment drives traders towards the riskier NOK, turning this pair bearish. On the other hand, when markets trade with a risk-off sentiment, the USD/NOK currency pair turns bullish.