Norwegian Krone / Swedish Krona - NOK/SEK

The Scandinavian monetary union may be part of a very old history (it was the union of the Norwegian Krone, the Swedish Krona and the Danish Krone until WW1), the reality of the fluctuations of  NOK/SEK has been quite stable since 2000.

Since 2005, in particular, the increases and decreases of the cross have never been superior to +/- 10 % per year, and the traditional structural relation that links the external value of the Norwegian Krone to the level of the world oil rates (as oil production represents an important part of the Norwegian GDP) seems to have few importance in the fluctuations of the NOKSEK cross.

With an exchange value NOK/SEK = 1,10 in January 2005, the cross increases until October 2005, when we had on the Forex NOK/SEK = 1,22.

A small decrease in 2006 made the cross reach the exchange value NOK/SEK = 1,10 in January 2007. Then the Norwegian Krone won almost 9% in a year against the Swedish Krona, the cross was at NOK/SEK = 1,20 in January 2008.

Strikingly stable in the context of the financial storm of 2008, we had the parity NOK/SEK=1.17 in January 2009.

During the first quarter of 2009, there was a reversal of the trend of the NOK/EUR fluctuations (as the Norwegian Krone appreciated against the euro) and the Swedish Krona kept depreciating against the Euro-so the EUR/SEK increased (as in 2008).

We also have to say that the world oil rates stabilized and increased again after the collapse of the Fall 2008 : in few months, the Norwegian Krone appreciated by 11% against the Swedish Krona, and at the beginning of April 2009, the cross had the exchange value NOK/SEK = 1,3005, its higher level since a lot of years;

An adjustment happened during the Summer in favor of the Swedish Krona which gained ground against the euro (NOK/SEK = 1,17 in August 2009), the adjustment was weakened during the Fall 2009.

We had the value NOK/SEK = 1,2474 by mid-January 2010.