Swedish Krona Rose Against USD

The Swedish krona strengthened against the US dollar in the early European session on Tuesday.

Meanwhile, data from Statistics Sweden showed that Sweden’s trade balance posted surplus of SEK 0.4 billion in December, compared to a shortfall of SEK 0.1 billion in November. In December 2013 , the deficit was at SEK 0.2 billion . On a yearly basis, exports rose 5% to SEK 91.2 billion and imports gained 4% to SEK 90.8 billion in December.

Sweden’s producer prices declined in December after increasing in November. Producer prices fell 0.1% year-on-year in December. In November, prices had increased 1.3%. The export price index rose 0.5% annually while import prices decreased 3.4%.

Against the greenback, the krona rose to a 4-day high of 8.2373 from an early low of 8.3182. At yesterday’s close, the krona was trading at 8.2986 against the greenback.

If the krona extends its uptrend, it is likely to find resistance around the 8.01 area.

via Witco

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Alfonso Esparza

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.
Alfonso Esparza