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.
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