Swedish Krona Falls Despite Good Macroeconomic Indicators
The Swedish krone fell today even though macroeconomic indicators showed that the nation’s economy is improving, reducing chances for an interest rate cut by the Riksbank.
Statistics Sweden reported that the unemployment rate fell from 8.7 in April to 8.2 percent in May. According to the National Institute of Economic Research, the consumer confidence index rose from 97.7 last month to 98.2 in June. Confidence in most other sectors, including manufacturing, also improved.
The recent data leaves little incentive for the central bank to cut rates more. Such outlook is good for the currency, yet the krona was soft today.
USD/SEK rose from 6.4567 to 6.4703 as of 2:46 GMT today. EUR/SEK went up from 8.5832 to 8.5885.
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Earlier News About the Swedish Krona:
- Krona Falls as Swedish Industrial Production Declines (2013-06-10)
- Swedish Krona Falls vs. Euro as Confidence Slips, Rises vs. Dollar (2013-05-24)
- Swedish Krona Gains, Riksbank Ready to Intervene (2013-04-25)
- Krona Gains as Swedish Inflation Accelerates (2013-04-11)
- Swedish Exporters Complain About Strenght of Krona (2013-02-15)