Norwegian Krone: Energy shock supports strength – Commerzbank
By FXStreet Insights Team
Updated: 19 May 2026
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Antje Praefcke at Commerzbank highlights that the Norwegian Krone (NOK) has outperformed Euro (EUR) and US Dollar (USD), helped by Norway’s status as a net Oil and gas exporter during the Iran war.
Antje Praefcke at Commerzbank highlights that the Norwegian Krone (NOK) has outperformed Euro (EUR) and US Dollar (USD), helped by Norway’s status as a net Oil and gas exporter during the Iran war. She judges United States (US) accusations of currency manipulation as flimsy and expects NOK to hold its gains while the energy price shock persists, with only a later correction once the war ends and prices ease.
Krone resilience under US tariff scrutiny
"It is clear that the Norwegian krone has appreciated against both the euro and the USD in recent months, particularly since the start of the year."
"The war in Iran has now led to an acceleration in its appreciation."
"In my view, the NOK will be able to defend its gains without any problems as long as the energy price shock persists."
"Only when an end to the war comes into view is a correction likely to occur."
"But since oil and gas prices are likely to fall only slowly even then, the NOK should remain bid."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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