Swedish Krona Advances vs. Euro on Rising GDP

The Swedish krona advanced versus the euro today as the nation’s economy expanded last quarter. The currency was down against the US dollar as overall market sentiment remained depressed.
Statistics Sweden reported that Sweden’s gross domestic product expanded 0.8 percent in the first quarter of 2012, quarter-on-quarter, following the decline by 1 percent in the preceding quarter. Economists expected just 0.2 percent growth. The positive data improved prospects for krona and diminished probability of an interest rate cut by the Swedish central bank.
EUR/SEK was down from 9.0012 to 8.9688 as of 13:58 GMT today. USD/SEK climbed from 7.1940 to 7.2201, while the intraday high of 7.2397 was highest since September 10, 2010.

If you have any questions, comments or opinions regarding the Swedish Krona,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *