Even though Norway’s economy is very much a commodity-focused one, the currency pair that the Norwegian Krone (NOK) makes with the Euro (EUR) is not considered a commodity pair. The EUR is obviously a major currency, while the NOK is not. The pair is not a major pair.
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The EUR
Shared by 21 countries within the Eurozone, and used de-facto by a number of other countries outside it, the EUR is the boldest common currency experiment in the history of humanity. Introduced in 1999, the Euro has definitely had its ups and downs over the years. Considered faulty even by its creator, the common currency has held out heroically, stumbling from one crisis to the next over the last couple of years.
With some radical reforms meant to shore it up in the works, the EUR has to be adopted by all EU members (which means that 6 more countries have to join it), as stipulated by EU treaties.
The NOK
Although the EU is indeed its largest trading partner, Norway has thus far resisted joining the block, and adopting its currency, the EUR. With the experience of an expired monetary union already under its belt, the country is probably not overly keen on engaging in yet another similar experiment. Introduced in 1875, the NOK brought Norway into the Scandinavian Monetary Union.
As said above, the NOK is a very strong commodity currency. It is backed by an economy relying on exports of petroleum, natural gas and hydroelectric power.
EUR/NOK Analysis
The close correlation between the two currencies is undeniable. Commodity prices always have a major impact on the NOK side of the pair, while the EUR side of it is obviously influenced by the overall state of the EU’s economy. Norway does not have any plans to join the EU and to adapt the EUR in the near future.