The Krona’s 27 per cent four-year surge against the Euro has been a cause for concern for some time, with Swedish exporters getting more vocal in their calls for currency intervention.
Although policy makers have previously rebuffed worries, despite lowering Sweden’s economic forecast because of export woes, the recent steps taken to curb currency appreciation across the globe have inspired Sweden’s Prime Minister to speak out about the issue.
The Swedish Krona Exchange Rate was in the region of 8.5849 against the Euro as of 11:01 am GMT
Yesterday Prime Minister Fredrick Reinfeldt asserted: ‘We have to make sure that our public finances are in order because that’s also the foundation for making sure that interest rate levels are low. That’s exactly what we’ll see if we can do this autumn. Do we have any room, can we do something to strengthen Swedish competitiveness, increase incentives to work.’
Reinfeldt also acknowledged how reliant the nation is on its exports, saying ‘It has served us well, our export-reliance, and it has built our riches and financed our welfare.’
The Swedish Krona strengthened against the Euro during the European session as the Euro’s declines continued.
The Euro broadly softened yesterday as GDP figures for France, Germany, Italy and the Eurozone as a whole failed to meet economist’s already pessimistic expectations. The common currency has since fallen close to a six-week low against the US Dollar as consumer-price inflation in the 17-nation currency bloc eased to the slowest in over three years, falling from 1.7 to 1.2 per cent.
Swedish Krona (SEK) Current Exchange Rates
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The US Dollar/Swedish Krona Exchange Rate is currently in the region of: 6.6810 >
The Pound Sterling/Swedish Krona Exchange Rate is currently in the region of: 10.1583 <
The Euro/Swedish Krona Exchange Rate is currently in the region of: 8.5849 <
The New Zealand Dollar/Swedish Krona Exchange Rate is currently in the region of: 5.4995 –
The Australian Dollar/Swedish Krona Exchange Rate is currently in the region of: 6.6094 >
(Correct as of 11:06 GMT)
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