Swedish Krona Higher on Interest Rate Hike

The Swedish Krona climbed to a 2 1/2 year high against the US dollar after Sweden’s central bank – the Riksbank – hiked rates for the sixth time in the past fifteen months. The latest increase added another 25 points to the benchmark rate now set at 1.75 percent.

Sweden’s currency has gained 4.7 percent this year against a basket of its nine most-traded peers, the best performer tracked by Bloomberg Correlation-Weighted Currency Indexes. The gains come as rising economic growth fuels consumer spending and inflation, forcing policy makers to raise borrowing costs.

Source: Bloomberg

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