Swedish Krona Declines with Contracting Industrial Production

The Swedish krona declined today after a report showed that nation’s industrial production contracted in October, frustrating experts who have expected an increase of the indicator.

Statistics Sweden reported that industrial output shrank 1.7 percent in October from September and 5.0 percent from a year ago, seasonally adjusted. Analysts predicted an increase by 0.9 percent from the preceding month. The report said:

Development remained mixed within the industry sub-sectors where the electronics industry in particular stood out with a large decline in production compared to the previous month.

USD/SEK went up from 6.5312 to 6.5420 as of 10:38 GMT today.

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