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About the USD/NOK (US Dollar and Norwegian Krone)
USD/NOK pair is the abbreviated term used for US Dollar and Norwegian Krone. the US Dollar nickname is Buck and Norwegian Krones nickname is Nokee. And this pair does not have a nickname. Before we get into the particulars, what exactly does the USD/NOK rate mean? The exchange rate tells you how many Norwegian Krone currencies (the quote currency) are required to purchase one US Dollar (base currency). For example, if the pair is trading at 8.75, it means it takes 8.75 Norwegian Krone to buy 1 US Dollar
Breaking Down ‘USD/NOK’
The United States dollar, or the American dollar, is the official currency, or money, of the United States of America and is also used in a number of different countries across the border. It is also the standard money for global markets selling goods such as gold and oil (fuel). While writing, the symbol for the American dollar is the dollar sign ($). Dollars can also be known as USD (U.S. Dollar).
whereas, The Norwegian krone (NOK) is the official currency of Norway that which is controlled by the central bank of the country Which name is Norges Bank The bank declared a total of eight series of banknotes, including the October 2018 declared of a new 50 krone and 500 krone bills, and users can use old notes until 18 October 2019. Due to trends trigger fluctuation in the value of the Norwegian krone. as with all currencies. currency investor may come upon the NOK when the Euros value is in risk. Increased activity in trading the NOK may increase the rate of exchange. any changing in the global price of crude oil also impacts on the NOKs value because Norway is Western Europe’s leading oil exporter.
One the most traditional pair in trade Norwegian currency. due to fluctuations in oil prices and interest rates. Norway’s economy is very dependent upon trade with the UK and Euro-Zone so making it very sensitive to changes in those economies.
Correlation is merely a mutual relationship or connection between two or more things.
Positive correlation – The positive relationship merely is when pairs move in tandem with each other.
In the forex world, NOK/JPY, AUD/USD, and SEK/JPY pairs are positively correlated
Negative correlation – In contrast, a negative relationship is when forex pairs move in the opposite direction, For example, NOK/JPY, AUD/USD and SEK/JPY
Economic Events: The movement in the US Dollar economic and Norwegian Krone events determine the exchange rates. Top of the line economic events includes GDP, Employment Change, Industrial Production, and Consumer Price Index. Better than forecast data increases the demand for related currency and impacts the value of either the US Dollar and Norwegian Krone, causing fluctuations in the USD/NOK exchange rate.
Major Economic Events
Gross Domestic Product – the gross domestic product is the central measure of economic growth in the region.
Employment Change – The Sterling is also sensitive to changes in employment, as slacks in the labor market causes a drop in Inflation rates.
Consumer Price Index – Since one of the goals of the BOP is to maintain price stability, they keep an eye on inflation indicators such as the CPI. If the annual CPI deviates from the central
Industrial Production – This measures a change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
Political Events - Another critical factor is the political aspect. Instability, as seen in the Brexit referendum, can entirely change the direction of the currencies. So, stay up-to-date on the latest political and economic news.
What Determines the USD/NOK exchange Rate?
Several factors can impact the USD/NOK rate valuation, including:
FRS & NB Monetary Policies: Federal Reserve System and Norges Bank Authority control the supply of money in the market, to keep the economy on track. A dovish policy, which is also known as expansionary policy, from either of the central banks, weakens the related currency. In contrast, a hawkish monetary policy (contractionary policy) strengthens the currency
The USD/NOK is traded in amounts denominated in the US Dollar.
Standard lot Size: 100,000
Mini lot size: 10,000
One pip in decimals 0.0001
Pip Value: $ 1.14