The USD/NOK pairing highlights the current value of the Norwegian krone (NOK) in relation to the US dollar (USD) in forex trading.
Introduced in 1875, NOK replaced the Norwegian speciedaler as the Scandinavian country's currency.
It is linked predominantly to the global oil sector, while NOK can also fluctuate depending on interest rates in Norway, with these two factors having the greatest bearing on setting the currency's value against its major forex rivals.
The fisheries industry is also one of the most prevalent and important in the Scandinavian country, meaning changes in international fishing quotas, the global price of catches and other maritime factors will all play a role in determining the value of NOK.
USD on the other hand has a myriad number of factors that can increase or lessen its value to varying degrees.
As one of the globe's manufacturing powerhouses, the US can see a fall or rise in its currency depending upon the state of global commodity prices in the agricultural and manufacturing sectors, such as the international price of wheat, grain or high-tech machinery.
Furthermore, having access to considerable natural resources means USD will often move in forex trading as a result of fluctuations in precious metals markets, as well as minerals including coal, tourmaline, granite and much more.
Another factor which has a bearing on both USD and NOK is economic and political developments in each country, with investors advised to keep an eye on announcements from the Federal Reserve regarding the overall state of the US economy in order to better predict future USD price movement.
As a result, individuals interested in understanding the complex relationship between these currencies should remember to keep abreast of movement in each country's respective blue chip indices, as well as announcements from other prominent financial and government organisations.
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