Swedish GDP Figures pushes the Krona to a new strength

Monday, 30 July 2012
The Swedish krona took a big jump on Monday as the Swedish GDP growth turns out to be significantly better than expected.

Sweden’s gross domestic product (GDP) grew by 2.3 percent in the second quarter this year compared to same period last year. Compared to the first quarter of this year, GDP grew by 1.4 percent, according to Statistics Sweden (SCB).

Economists had expected a GDP growth of 0.8 percent year on year, according to Reuters. Between the first and second quarter, economists had expected a growth of 0.3 percent.

Immediately after the announcement, the Swedish krona strengthened from Skr8.45 per euro to 8.40 kronor per euro. This is the lowest price since September 2000.

Even with the dollar, the exchange rate fell sharply when GDP digits was released and reached the strongest level since early May. Shortly after 10 o’clock on Monday morning the Krona was Skr6.83 kronor to the dollar.
by Scancomark.se Team

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