The krone rose today as Norway’s chief export, the crude oil, reverted a negative trend that forced commodity linked currencies down during most of last week’s trading session as concerns regarding Europe’s rising budget deficit eased slightly today.

A decline in risk aversion today allowed commodities to rally significantly, boosting demand for commodity exporter countries like Chile, South Africa and Norway. The krone posted its first advance versus the U.S. dollar after several sessions falling as the crude oil posted a long and sharp losing streak last week.

USD/NOK closed at 5.9875 from an opening rate of 5.9994.

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