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After quite exactly 1 year, the Norwegian krone beats the Swedish krona. For a whole year, you have received more Norwegian kroner for the money, when you switched from Swedish. But Scandinavian currency trading changed today, when NOK / SEK reached 1,005, ie you have to pay 100.50 Swedish kronor to get 100 Norwegian kroner.

No extreme turnaround is in sight yet, but if the oil continues to rise, the Norwegian krone can probably continue up to 1.05 in the first place, while the support is at 0.98. Join in and see what can affect the exchange rates in Scandinavia in the future and which prominent currency brokers are best for trading with NOK / SEK. If you can not wait and want to directly benefit from a rushing stock market, with a 4% rise in the US, then take the opportunity to register with Skilling, which offers commission-free CFD trading with zero fees. If you instead want to know more about how Norway managed to beat Sweden, read on.

Why has Norway’s krona managed to become stronger than Sweden’s?

There are about 50 factors that affect the exchange rate. Scandinavian flags One can say that the exchange rate is a measure of the economic health of a country. So is Norway’s economy healthier than Sweden’s right now? To begin with, there is a unique, gigantic factor that affects the exchange rate for the Norwegian krone – and that is oil.

Skandinavian flags

It is often said that when the oil price goes up, the Norwegian krone goes up, provided that everything else is the same. This is because people invest in oil stocks and the oil industry is really big in Norway. When the oil price is above at least 35-40 dollars per barrel, the petroleum industry usually feels good. But if it is over 65 as it is today, then it is starting to get quite good. You can see the oil price in real time here.

Since when it comes to Covid-19, Norway has succeeded considerably better. Norway has a modest 632 deaths from Covid-19 at the time of writing, while Sweden is at least 13,042 affected according to Worldometers. There have always been more than 20 times as many deaths in Sweden as in Norway, despite the fact that the population is barely twice as large here at home. Here we see a clear advantage for Norway.

Inflation and interest rate policy: Sweden vs Norway

In January 2021, inflation will be 2.5% in Norway, according to statistics from Norges Bank. You should not forget that inflation has increased from 1.4% in December, to 2.5% in January, which is quite a lot and quite fast. The Norwegian central bank will probably allow inflation to be slightly above the 2% level for a short time. According to Bloomberg, the central bank signaled that it plans to raise interest rates during the first half of 2022, which is the first in the western world. ForexTrading.uk expects the interest rate to rise even faster if inflation significantly exceeds the exposed level by around 2%. If the interest rate is raised, the Norwegian krone can become a carry trading currency, of which there are relatively few today, apart from the Turkish lira. If and when the interest rate is raised by the Norwegian interest rate, then NOK will probably be even stronger than it is today.

The corresponding inflation level for Sweden is 1.7% in January 2021, writes the Swedish Riksbank. This is an increase of 1.2% from December 2020. So if we see the same development during the month of February, Sweden may also be forced to raise the interest rate earlier than indicated. At present, it is a minimal interest rate increase at the end of 2022 that is expected by Stefan Ingves (article link coming soon).

Economic growth in Scandinavia: 2019-2021

According to SEB Group, Norway’s growth seems to go from 1.2% in 2019, to -1.9% in 2020 and 3% in 2021. For Sweden, the same report seems to expect Swedish GDP growth to go from 1.3% in 2019 to -3.1% in 2020 (clearly more than Norway thus) to a growth of a modest 2.7% in 2021. Also in 2021, Sweden is thus expected to have lower growth than Norway. These are therefore favorable figures for Norway’s currency, while it is negative for the Swedish krona.

Best for trading with NOK/SEK

There are three serious players who are a little more specialized in NOK.


Rating: 9.56/10
Minimum deposit: 100 GBP
Description: 9 currency crosses with NOK, since one of the fonders is from Norway. Try Skilling now!

Risk warning: 63% of retail investor accounts lose money.


Skilling: Superior range, fastest execution with NOK

As many as 9 currency pairs with the Norwegian krone can be found at Skilling: AUD/NOK, CAD/NOK, CHF/NOK, EUR/NOK, GBP/NOK, NOK/SEK, NOK/DKK, USD/NOK and NOK/JPY. While NOK against SEK is a given favorite, NOK/USD and NOK/JPY are also two interesting pairs. If you want to run two alternative safe heaven currencies against each other, the Swiss franc against the Norwegian krone may also be suitable to trade.

Skilling is known as a Scandinavian forex broker, that now a Aston Villa FC sponsor. While Skilling is recognised for having Swedish payment methods such as Swish and Klarna, they also have all the traditional methods such as VISA, Mastercard or bank transfer. In our previous tests, Skilling has come out as the one with the fastest order execution, which can be very interesting when you trade a little more often and with larger volumes. When it comes to slightly smaller currencies, such as NOK, it is extra important to find a stable currency broker who can quickly close a deal regardless of how the market moves. It goes really well through Skilling (review), which specializes in trading for Swedes and Norwegians. So try opening an account with Skilling yourself today. You get the security of a credible and forex broker and all instruments that may be desire.

Capital: Outstanding setting options

If you like adjust unique settings, such as receiving a warning message when your currency pair reaches a certain level or want to be able to adjust the leverage yourself, this is possible at Capital. The Norwegian krone has as many as 6 different instruments to trade: AUD/NOK, NOK/DKK, NOK/RUB, NOK/TRY, NOK/JPY and NOK/SEK. There is also no one else who trades with the Norwegian krone against the Turkish lira or against the Russian ruble, except Capital.

As a customer of Capital (review), you can enjoy a number of different platforms, where someone will definitely suit your taste. Through really innovative AI technology, Capital stands out and can analyze your trading, as well as how to improve it over time. Try trading with Capital yourself – a really good international forex CFD broker with flexible leverage option.


Rating: 9.67/10
Minimum deposit: 250 GBP
Description: User friendly and advanced trading platform. More settings and customisation than most other CFD brokers. Try Capital today!

Risk warning: 75.26% of retail investor accounts lose money when trading with Capital.


AvaTrade: Longest time on the market

A well established forex broker that is still incredibly popular is called AvaTrade. Even if the range is not as wide for the Swedish or Norwegian krone, the most important one has the lowest spread. At present, AvaTrade has a range of 4 currency pairs with the Norwegian krone: EUR/NOK, USD/NOK, GBP/NOK and NOK/SEK. These are definitely the most important and best to trade with if you want to try NOK trading. We have written an article about 10 reasons to trade with AvaTrade, which may be worth checking out if you want to learn more. AvaTrade also offers many odd instruments, such as trading in cattle or pig stomachs. Yes, you read that right.

An old fox on the market that is still incredibly popular is called AvaTrade. Even if the range is not as wide for the Swedish or Norwegian krone, the most important one has the lowest spread. At present, AvaTrade has a range of 4 currency pairs with the Norwegian krone: EUR/ NOK, USD/NOK, GBP/NOK and NOK/SEK. These are definitely the most important and best to trade with if you want to try NOK trading. We have written an article about 10 reasons to trade with AvaTrade, which may be worth checking out if you want to learn more. AvaTrade also offers many odd instruments, such as trading in cattle or pig stomachs. Yes, you read that right.

But perhaps the newest and most useful feature of this currency broker is called AvaProtect. As the name suggests, it is about protection. This is something exclusive to AvaTrade, which means that you can get your money back on deals that go in the wrong direction. Suppose, for example, that you buy the Norwegian krone in the hope that it will become stronger against SEK, but instead SEK 1% will be stronger within 24 hours. Then, with the help of AvaProtect, you can cancel the transaction, up to 1 day after you started trading. For a very low extra insurance cost, you get very good protection. Try AvaProtect yourself now!


Rating: 9.56/10
Minimum deposit: 50 GBP
Description: With AvaProtect you can protect yourself against losses, a unique way to handle CFD trading. Register yourself with AvaTrade!

Risk warning: 71% of retail investor accounts lose money when trading with Avatrade.



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