The Swedish krona gained today as rising retail sales added to speculations that fundamentals in Sweden are good and the nation’s central bank has no reasons to cut its interest rates.
Retail sales grew 2.4 percent in July on an annual basis, while the median forecast was 1.7 percent. Domestic consumer spending should support the Swedish economy, mitigating the negative influence of the global economic slowdown. The Riksbank has left its lending rates stable last month and analysts see no reason for the central bank to reduce the borrowing costs now.
USD/SEK fell from 6.6035 to 6.5907 as of 16:41 GMT today.
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