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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 cost Skr8.18.

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.

Nordea 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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