The currency pair Norwegian krone to Swedish krona reflects the correlation between two states with strong economies. Norway and Sweden are two neighboring countries with close economic and political ties. This financial tool characterizes low risks and fairly predictable behavior, so this currency pair will suit novice traders.
Norway is an agrarian-industrial country that occupies leading positions on the quality of life and income levels of the population. Norway is one of the first places in extraction and export of raw materials (oil, gas), therefore fluctuations in the cost of raw materials affect the national currency of the Scandinavian country. Also the main income item of Norway is the extraction and processing of seafood.
Sweden is rich in mineral resources, iron ore, non-ferrous metals and wood. Sweden, most manufactured products such as engineering products, iron ore, steel and paper are exported, so the Swedish krona is very dependent on the volume of exports.
When trading forex currency pair, you need to consider that the Norwegian krona can be influenced by the price of oil and its direction is closely connected with the Euro
The currency pair NOK / SEK is built on the principle of direct quotation. The base currency is NOK - the Norwegian krone, and the quoted currency is SEK, the Swedish krona. The growth of the currency pair means strengthening of the Norwegian krone against the Swedish krona, that is, to purchase one NOK, more SEK is required. A decrease in the rate indicates the strengthening of the Swedish krone.
Using the current exchange rate chart, you can monitor the volatility of the currency pair in real time.
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 krona and conducts a monetary policy, including setting interest rates, which are now close to zero. The unofficial name is "nokki".
Swedish krone - (bank code - SEK) is the official currency of the Kingdom of Sweden. The Swedish crown is issued by the central bank of Sweden (Sveriges Riksbank).
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