Tag: Sweden

NOK/SEK to see parity soon?

NOK/SEK to see parity soon?

Technical Analysis
The Norwegian Krone posted a second straight week of losses against the Swedish Krone after the currency pair traded sideways for close to nine weeks. The declines for past week saw the NOKSEK fell by -1.77% while posting a combined decline of -3.69% over the past two weeks. Prices closed at 1.0190 as of Friday and the price action in NOKSEK is starting to show increasing possibility that the currency pair might reach parity soon. On a fundamental level, the decline in the Norwegian Krone comes amidst a renewed slump in Global crude oil prices. The NOK has been closely tracking the declines to the Crude Oil prices and the first chart below shows the weekly comparison between the NOKSEK and the NYMEX Crude Oil futures. While the Norwegian Krone briefly managed to lead Crude oil price...