This is the current AUD-NOK mid-market exchange rate. The Total Cost of buying foreign currency in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market AUD-NOK exchange rate.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as the value of a currency must always be quoted relative to a second currency.
So it follows that if you are determining the best time to transact, in this case the AUD vs NOK, you should pay attention to both Australian Dollar and Norwegian Krone news and forecasts.
17-January-19: The Australian dollar recovered strongly following a "flash crash" in early January which saw it briefly trade at a 10-year low of 67.4 US cents.
By the time of this report, AUD/USD was back at 72 cents and roughly in line with December’s median exchange rate. The Aussie was similarly strong against other major currencies following its mini crash.
Several months ago, most analysts agreed that the Aussie was heading higher in 2019, but things have changed. In recent months, investors have become increasingly certain that no increase to Australian interest rates will be seen until 2020; there is, in fact, now a 25 percent chance of an RBA cut, per derivatives pricing. Inaction on interest rates will force capital away from Australia and towards countries where rates are higher or are expected to increase.
One senior researcher at BNP Paribas said in January that the Australian dollar would “get absolutely crucified and could suffer a 25-30 percent [long-term] fall.”
In opposition to that view, at least relative to the US dollar, was a CIBC analyst, who said that at current levels the Aussie was “very undervalued” and was his “best bet” for 2019. The analyst’s view was based upon there being a positive resolution to the US-China trade spat. The Aussie could be worth as much as 78 US cents in the second half of 2019, the analyst said.
It was a highly disappointing third-quarter for the Norwegian krone. The currency was battered following a collapse in the price of oil, upon which the Norwegian economy relies heavily.
Between October-3 and December-18, the price for WTI crude oil fell 40 percent, which led the krone 7 percent lower against the dollar within the same period, to a 2-year low of Kr8.728, and 5 percent lower against the euro, to a 1-year low of Kr9.926.
Conditions away from energy markets were relatively good for the krone but clearly weren’t enough. Chief among supporting factors is monetary policy. In September, interest rates in Norway were raised for the first time since 2011. The quarter-point hike from 0.5 percent to 0.75 percent is likely to be followed by another in early 2019 unless the Norges Bank changes tune because of oil prices.
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