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CHF/NOK: the SNB versus Norges Bank

The rate between the Swiss franc (CHF) and the Norwegian krone (NOK) pits two currencies with very different profiles against each other. Its dynamic depends on the relationship between two central banks : the Swiss National Bank (SNB) and Norges Bank, the central bank of Norway.

The CHF enjoys safe-haven status : in times of market uncertainty, investors turn to the Swiss franc, which then tends to appreciate. Conversely, the Norwegian krone is a currency tied to commodities : as Norway is a major exporter of oil and gas, the NOK is sensitive to energy prices and to risk appetite. When oil rises, the krone tends to strengthen.

The monetary policy gap also plays a central role. Norges Bank has historically kept policy rates significantly higher than the SNB, whose policy is aimed above all at containing imported inflation and preserving the stability of the franc. This rate differential, combined with the volatility of the energy market, makes the CHF/NOK pair more volatile than pairs such as CHF/EUR. To choose your moment, follow the real rate continuously in the chart and the tables above.

Written by Brice Delhome.