About NOK/SEK
NOK/SEK is the Scandinavian cross, and one of the few pairs where the two currencies are close enough in character that the differences between them dominate. Norway and Sweden are both small, open European economies outside the euro area, but Norway is an energy exporter with a large sovereign wealth fund, while Sweden is an export manufacturer more tied to the European industrial cycle. The pair tends to trade in relatively narrow ranges, punctuated by moves when the two economies diverge.
What Moves NOK/SEK?
Oil and gas prices
The clearest asymmetry between the two. Rising energy prices support the krone against the krona.
Norges Bank versus the Riksbank
Two independent central banks with separate cycles. Divergence in their rate paths is the most common source of a sustained move.
European industrial demand
Sweden’s export base is more exposed to European manufacturing than Norway’s.
Liquidity
Both currencies are thinly traded, and this cross more so than either against the euro.
Trading NOK/SEK
Prices on this page come from our own market feed. The chart, the 52-week range and the performance figures are measured from our own daily closes, and any figure our history cannot support is withheld rather than estimated. Nothing here is a recommendation or a forecast β see our methodology for how each figure is produced.