Krona Rallies As Swedish GDP Beats Expectations

The Swedish krona rose sharply today after Sweden’s economic growth surprised the market, beating expectations.

Swedish GDP rose 3.3% in the second quarter of 2018, year-on-year. While it was the same rate of growth as in the first quarter, it was noticeably faster compared to the consensus forecast of a 2.6% increase. The positive data reinforced the outlook for the nation’s central bank to raise interest rates gradually throughout the year.

USD/SEK dropped from 8.8290 to 8.7691 as of 9:15 GMT today. EUR/SEK declined from 10.2957 to 10.2405.

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