USDNOK definition

USD/NOK measures the US dollar against the Norwegian krone, telling you how many kroner one dollar will buy. It accounts for roughly 0.9% of the around $9.6 trillion traded across the global forex market each day (BIS Triennial Survey, 2025), making it an actively traded minor with reasonable depth, though spreads run wider than on the majors. The pair has no common nickname.

The US dollar is the base currency and the Norwegian krone the quote currency, so a quote of 10.7000 means one US dollar buys 10.7000 kroner. A rising price means the dollar is strengthening against the krone, a falling price the reverse. You trade USD/NOK as a forex CFD, betting on the price rather than buying kroner outright: go long if you expect the dollar to rise, short if you expect it to fall. Price moves are measured in pips at the fourth decimal place, and your profit or loss is the pips gained or lost times your position size.

The krone is a petrocurrency, so the crude oil price is a major driver: Norway is a large oil exporter, and stronger oil tends to support the krone and pull USD/NOK lower. Norges Bank's interest-rate decisions set the domestic side, while the pair's sensitivity to global risk sentiment can amplify moves, since the krone often weakens when investors turn cautious.