Norwegian krone currency on forex.

Despite its relative prevalence, the Norwegian currency is also traded on the stock exchange and is an excellent option for profit. It is especially popular among players who prefer a more relaxed approach to trading, as the krone has relatively low volatility but a relatively stable trend.

The Norwegian currency is freely convertible, its exchange rate is not subject to artificial regulation by the state and is entirely market-based.

The main factors influencing the Norwegian krone exchange rate are the country's inflation rate and global oil prices.

The latter is particularly interesting for traders: Norway is one of the largest oil producers, so the price of black gold is directly correlated with the Norwegian krone. The currency is sensitive to changes in gas and oil prices, as the sale of these two resources determines the amount of foreign exchange earnings.

This correlation is clearly visible against the backdrop of the current decline in oil prices, which has led to a more than 30% decline in the Norwegian krone against the US dollar. A downward trend has been observed since June 2014.

The main currency pairs currently used for profit-making on Forex are EURNOK, USDNOK, and NOKJPY.

Profits can be made on these currency pairs using medium-term trades or by taking advantage of sharp fluctuations in the exchange rate during significant changes in oil prices.

Overall, the currency is quite interesting, and many recommend it for beginning traders, as the asset is easy to predict and can generate profits even for a novice trader.