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:
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