Convert 1 NOK to DKK

The Norwegian Krone to Danish Krone exchange rate is influenced by Norges Bank rates, oil prices, inflation data, and Eurozone economic performance, as well as EUR peg stability, Nationalbank rates, inflation, and Eurozone economic trends. Both the Norges Bank and Danmarks Nationalbank play crucial roles in determining the relative strength of these currencies.

The Norwegian krone is basically an oil currency wearing a Scandinavian jumper. Norway is one of the biggest oil and gas exporters in the world and the NOK correlates with crude prices in a way thats almost comical at times.. Brent moves up NOK strengthens Brent drops NOK weakens. EURNOK is the main pair for most traders and its got decent liquidity during European hours. USDNOK works too but EURNOK tends to be cleaner for the oil trade since you strip out some of the broad dollar noise. The big background story is Norways sovereign wealth fund which is absolutely enormous.. over a trillion quid worth of assets making it the biggest in the world. The fund mostly invests overseas though so its flows can actually weaken the krone which is a bit counterintuitive. Norges Bank sets monetary policy and theyve generally been fairly hawkish compared to the ECB and other European central banks. The krone can be surprisingly volatile for a developed market currency and it tends to sell off during risk off episodes despite Norway being one of the most financially stable countries on earth. Good pair to trade if you have a view on European energy markets.

The Danish krone is about as boring as currencies get and I mean that as a compliment. Denmark pegs the DKK to the euro through ERM II within a tight band of about 2.25 percent either side and in practice it barely moves at all.. the Danish central bank will do whatever it takes to maintain that peg including going to negative interest rates before most people had even heard of the concept. So EURDKK basically flatlines which means theres not much point trading it unless youre doing some kind of convergence play or youre worried about the peg breaking which honestly nobody seriously is. The reason the krone exists as a separate currency at all is because Denmark voted against joining the euro in a referendum back in 2000 and theyve kept their own currency ever since.. even though it behaves almost identically to the euro. If youre a trader the DKK is mostly useful as a euro proxy in situations where you might want exposure to Scandinavian economics without the drama of the Swedish krona or Norwegian krone. Safe steady and thoroughly unexciting.