Swedish Consumer Confidence Rises, Krona Follows

The Swedish krona climbed today against most major currencies after a report showed that confidence on Swedish households improved this month, reducing probability of a next interest rate cut by the nation’s central bank.

The National Institute of Economic Research reported that the consumer confidence index increased from zero in March to 4.7 in April and also said that confidence is expected to continue improve. The data followed the report two days ago that showed an unexpected drop of unemployment last month. The Riksbank (Sweden’s central bank) has cut interest rates two times this year and analysts say that it is not going to slash rate further as the economy looks strong enough.
USD/SEK fell from 6.7188 to 6.6904 before rebounding to 6.7196 as of 13:30 GMT today.


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