Swedish Krona Rises Against EUR

January 2, 2015 Share Print 0

The Swedish krona strengthened against the euro ahead of European deals on Friday after data showed that Sweden’s manufacturing sector grew at the fastest pace in eight months in December.

Data from the Swedbank and the Swedish National Association of Purchasing and Logistics (SILF)showed that the purchasing managers’ index rose to 55.4 in December from 52.7 in the previous month. Any score above 50 indicates expansion in the sector.

Economists had forecast a reading of 52.6 for the month. The latest score was the highest since April, when it was 55.5.

Against the euro, the krona rose to session’s high of 9.3981 from an early low of 9.4762.

If the krona extends its uptrend, it is likely to find resistance around the 9.30 area.

via Kitco

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.