As of May 2025, the USD/NOK exchange rate continues to be dependent on global macroeconomic trends, including interest rate differentials, energy prices and investor risk appetite. The current rate is hovering around NOK 10.50 to USD, showing relative stability after significant fluctuations in early 2024. Key factors: US monetary policy: The Federal Reserve has taken a cautious stance in 2025, signaling a possible rate cut this year depending on inflation data. The Fed’s accommodative policy could weaken the USD slightly, putting downward pressure on USD/NOK. For a more detailed 5-year forecast, technical analysis and how to predict the Norwegian krone price, read the Just2Trade blog by https://j2t.com/pl/solutions/blogview/prognoza-usd-nok/ The Norwegian Economy and Oil Prices: As a major oil exporter, Norway's currency is closely linked to global energy prices. With Brent crude stabilizing above $85 per barrel, the NOK has found some support. Continued oil strength could help the NOK strengthen against the USD. Geopolitical Risk and Safe Haven Demand: In times of global uncertainty, the USD often strengthens as a safe haven currency. A reduction in geopolitical tensions could favor risk-sensitive currencies like the NOK. Short-term outlook (Q2 2025): Analysts forecast a slight strengthening of the NOK, with USD/NOK likely to approach 10.30-10.40, assuming stable oil prices and no major surprises from the Fed. Long-term outlook (late 2025-early 2026): If US inflation slows and Norway benefits from robust energy exports, USD/NOK could decline to 10.00 or even lower, barring global shocks. While short-term volatility is possible, the overall trend could favor gradual strengthening of the NOK, especially if commodity markets remain resilient and global risk appetite improves.