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.