Swedish GDP Growth Revised Down, Krona Dips
The Swedish krona declined today after Sweden’s economic growth in the last quarter was revised down. The currency lost the appeal caused by the improving outlook for the future of the European economy.
Swedish gross domestic product expanded 1.3 percent in the second quarter of 2012 from a year ago. The previous estimate was 2.3 percent. The bond-buying program of the European Central Bank improved the outlook for European countries and the Federal Reserve’s QE3 added to risk appetite of Forex traders. Still, the domestic data did not allow the krona to benefit from the positive factors.
USD/SEK advanced from 6.5714 to 6.5870 as of 9:14 GMT today.
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Earlier News About the Swedish Krona:
- Swedish Krona Goes Higher with Retails Sales (2012-08-27)
- Krona Gains on Growth of Swedish Industrial Production (2012-08-14)
- Swedish Krona Rides Higher on Good GDP Growth (2012-07-30)
- Swedish Krona Rises with Improving Consumer Confidence (2012-07-26)
- Krona Gains as Riksbank Keeps Repo at 1.5 Percent (2012-07-04)