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Australian Dollar vs Norwegian Krone (AUD/NOK)

Trading Conditions:

Axi Symbol: AUDNOK

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3 Day Financing: Wednesday

Long Position Overnight Fee: displayed on the trading platform

Short Position Overnight Fee: displayed on the trading platform

Pricing is indicative. Past performance is not a reliable indicator of future results. Client sentiment is provided for general information only, is historical in nature and is not intended to provide any form of trading or investment advice - it must not form the basis of your trading or investment decisions.

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What is AUD/NOK?

The AUD/NOK forex trading pair represents the exchange rate between the Australian dollar (AUD) and the Norwegian krone (NOK), or the number of NOK required to purchase one AUD. Despite the fact that it involves two strong economies, the currency pair is regarded as "exotic." Although AUD/NOK is not as regularly traded as major currency pairs such as EUR/USD or USD/JPY, it does offer opportunities for traders seeking exposure to these two currencies.

What affects the price of the AUD/NOK pair?

The price of commodities has a significant impact on the AUD/NOK pair. Because both nations are large exporters, particularly Norway, which is a major oil producer, variations in the price of oil can have a substantial impact on the Norwegian krone's value.

Iron ore, coal, and natural gas are all exported from Australia. As a result, fluctuations in commodity prices can have an impact on the value of the AUD, which is also regarded as a commodity dollar in forex. For example, if the price of coal rises, demand for AUD increases, making its value rise relative to NOK.

The Reserve Bank of Australia's and Norges Bank's monetary policies have a significant impact on their respective currencies. For example, if Norges Bank hikes interest rates while the Reserve Bank of Australia holds rates stable, investors may shift their money into Norwegian krone-denominated assets, increasing demand for NOK and causing its value to rise compared to AUD.

What to watch out for when trading AUD/NOK?

When trading the AUD/NOK currency pair, pay close attention to commodity prices and any news related to oil production or exports from Norway or Australia. It is also critical to monitor announcements from the key influential bodies in the two countries. These include:

  • Reserve Bank of Australia (RBA) and Norges Bank for Interest Rates and policy decisions
  • Australian Bureau of Statistics (ABS) and Statistics Norway for data on Trade Balance, wages, Unemployment Rate, Consumer Price Index (CPI), and Gross Domestic Product (GDP)

Finally, keep in mind when trading AUD/NOK that this currency pair may not be as liquid as some of the major pairs. This means that there may be wider bid-ask spreads and less volume overall, which can make it more difficult to enter or exit trades quickly.

The data is sourced from third-party providers. This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice.

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