Fall for Swedish krona as past gains starts reversing
Monday, 17 September 2012
The air has gone out of the Krona as on Monday, it traded to its weakest level in two months against the euro.
After the fast and strong gains in summer, the Swedish currency started
weakening and was evident on Monday morning, where Eur1 cost Skr 8.63.
The European singled currency has not been this expensive for the two
months. The cheapest euro was last traded on 11 August, when one Euro
Also against other currencies, the krona lost grounds. Measured in
terms of the competitive weighted TCW index, the krona is now at the
weakest level since late July.
describes the development last summer as a "perfect storm" in relation
to strength of the krona and was worried when it currency start
falling. Most authorities would want the currency to remain stable in a
sort and this heavy swing up and down would be worrying to traders.
The past month has seem growing concerns about the euro fell slightly
waved to the background after the Central Bank's announcement of
support purchases of troubled countries' bonds, provided that they are
seeking help from the EMU support funds.
In addition, the Swedish statistics deteriorated in the past months for
example, the growth figures for the second quarter, was reported
sharply down week. Signs of a slowdown have also forced the Swedish
central bank, the Riksbank, to cut key interest rates.
by Scancomark.com Team
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