The Swedish krone declined today as the inflation pressure weakened, reducing need for the central bank to increase the interest rates.
Statistics Sweden reported today that the annual inflation adjusted for mortgage costs was 1.5 percent in March, compared with the forecast of 1.7 percent. The Riksbank has raised its main interest rate five times since July to prevent the nation’s rapidly growing economy from overheating, yet now the slower inflation growth gives less incentive to raise the rates further.
USD/SEK rose from 6.2580 to 6.2948 as of 16:46 GMT, while it reached the intraday high of 6.3208 earlier.
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