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Mon 15 Jul 2024 09:10GMT

Euro (EUR) Rallies But Krona (SEK) Soars

Published: 22 Nov at 5 PM Tags: Euro, Dollar, Pound Sterling, America, Eurozone, Australian Dollar, Australia, USA, Germany, Sweden,

Although the Euro strengthened against the majority of its peers (posting particularly notable gains against the Yen and Australian Dollar) as a result of stronger-than-anticipated German business confidence data and a German growth report which met economists' expectations, the Swedish Krona still advanced on its European cousin during the local session.

The Krona was able to broadly rally as a domestic report showed a surprisingly upbeat attitude among Swedish consumers and businesses.

The measure of consumer confidence jumped to 104.9 today, considerably better than the estimate for an increase to 102.

Meanwhile, manufacturing sentiment strengthened from 100.6 to 105.8, indicating that Swedish growth is gathering momentum.

This may be confirmed when Swedish gross domestic product is published next week.

Statistics Sweden will release the growth report on November 29th and industry experts believe it will show that the nation's economy expanded by 0.5 per cent in the third quarter, quarter on quarter.

In response to the result and the Krona's consequent movement economist Andreas Wallstrom asserted; 'Swedish consumers see that happy days are coming. Households became more optimistic both on their own economy and the overall Swedish economy.'

The Krona swelled against the Euro, briefly hitting 8.8358 before a slight downward correction saw it trading in the region of 8.8995.

The Krona is currently trading against the US Dollar in the region of 6.5767.

The Euro is trading against the US Dollar in the region of 1.3527 and against the Pound in the region of 0.8355.
As of Friday, 22nd November 2013, the Pound Sterling currency rates mentioned within this news item were as follows:

GBP EUR exchange rate was 1.197, GBP USD exchange rate was 1.6226, and GBP AUD exchange rate was 1.7684.
Patrick James About Author: (289 Posts)Patrick completed his economics degree just as the global financial crisis struck in 2008. In the intervening years Patrick has made his mark, climbing to a prominent position within a large financial services provider. As part of his role Patrick uses his expertise to advise companies of the best ways to safeguard against currency risk.

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