The Norwegian Krone has come under immense selling pressure as oil prices collapsed. USD/NOK has hit a high of 9.76, unseen since the 1980s. EUR/NOK has touched 11, also a multi-year high. Norway is an exporter of oil, and its currency tumbled down alongside the sell-off in crude prices. Saudi Arabia, it will be ramping up production of the black gold and will also offer discounts to buyers – an attempt to enlarge its market share. The Saudi decision comes after talks with Russia about output cuts collapsed on Friday. Oil producers are encountering falling demand amid the coronavirus crisis. The number of infections and deaths is rising worldwide, triggering lockdowns and economic havoc. EUR/NOK monthly chart: USD/NOK monthly graph: FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Canadian 2020 GDP forecast lowered to +0.2% from +0.7% – Goldman Sachs FX Street 3 years The Norwegian Krone has come under immense selling pressure as oil prices collapsed. USD/NOK has hit a high of 9.76, unseen since the 1980s. EUR/NOK has touched 11, also a multi-year high. Norway is an exporter of oil, and its currency tumbled down alongside the sell-off in crude prices. Saudi Arabia, it will be ramping up production of the black gold and will also offer discounts to buyers – an attempt to enlarge its market share. The Saudi decision comes after talks with Russia about output cuts collapsed on Friday. Oil producers are encountering falling demand amid the coronavirus crisis.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
