The currency pair is the euro - the Norwegian krone (EUR / NOK).
The European economy is steadily growing, which is reflected in the euro exchange rate. By 2018, unemployment rates in a number of countries are at a minimum level. The situation in the EU affects all countries in Europe, even those who are not part of the European Union or have not introduced the euro and have retained their national currency. Volatility in the pair of EUR / NOK – (Euro and Norwegian koruna) is paramount in determining the direction for other currencies paired with the Koruna.
Norway has a very high standard of living, while the basis of its economy is made up of natural resources - oil production, hydropower, fish resources. At the same time, the share of the public sector in Norway's GDP is very high. Norway is not part of the European Union, but is part of the European Economic Area, which provides for free movement of goods, capital, services and people within the European Single Market.
When trading on the EUR / NOK currency pair, it is necessary to take into account that the Norwegian krona can be influenced by the price of oil, although in most cases the "nokki" follows the euro.
The currency pair EUR / NOK is built on the principle of direct quotation. The base currency is EUR, euro, and quoted - NOK, Norwegian krone. The growth of the currency pair means strengthening of the euro against the Norwegian koruna, that is, for the purchase of one EUR, more NOK is required. A decrease in the exchange rate indicates a strengthening of NOK. Using the current exchange rate chart, you can monitor the volatility of the currency pair in real time.
Euro (currency sign - €, bank code: EUR) - official currency of 19 eurozone countries (Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia , Finland, France, Estonia). Also, the currency is used in nine countries that are not members of the euro area. The Euro is managed by the European System of Central Banks (ESCB), led by the European Central Bank (ECB).
Norwegian krone (bank code: NOK) - norsk krone - is the official currency of the Kingdom of Norway. The Norwegian bank (Norges Bank) is the issuer of the Norwegian koruna and conducts a monetary policy, including setting interest rates, which are now close to zero.
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