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Thinking of trading EURNOK?

    1. Because of extensive trade and geographical proximity, the correlation between these two currencies is indeed strong. The Eurozone isn't the only major trade partner of Norway though, as the country exports energy elsewhere too so that is also a bonus for potential investors2. The Euro has low volatility outside of market events and political news, this offers benefits to traders due to its stability.
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NOK (Krone) is the currency of Norway, and its dependent territories. It is subdivided into 100 øre, which have existed only electronically since 2012. The name translates into English as crown. The krone was the twelve most traded currency in the world by value in April 2017, down three positions from 2013. .The story of the EUR has mostly been one with many successes this far, despite a few hiccups, it is supposed to be adopted by a number of other EU members like Hungary and Poland, who are currently dragging their feet in this regard. Any additional countries that will add the EUR as their currency would push the value of the EUR to a higher value. The Euro is used by the 21 countries of the Eurozone and it is a major currency. On the other hand the Norwegian krone is not. The pair that these two currencies form is not a major, nor is it a commodity currency, despite the fact that the Norwegian economy is heavily reliant on the sale of commodities.

1. Though it enjoys close ties with the EU, Norway is one of only two Nordic countries which have thus far refused to join the Union. This a major factor that traders need to be aware of. 2. Indeed, following the 2008 financial crisis, which exposed the vulnerabilities and structural shortcomings of the common currency, the EUR has suddenly become a much less attractive option.