Swedish Krona Rises To Near 5-week High Against U.S. Dollar
April 29 2015 - 04:10AM
RTTF2
The Swedish krona strengthened against the U.S. dollar in the
early European session on Wednesday, after the Sweden's Riksbank
kept its Repo rate unchanged to a record low of -0.25 percent.
The Executive Board of the Riksbank decided to purchase
government bonds for a further SEK 40-50 billion and left the key
rate unexpectedly at -0.25 percent but signaled further
reduction.
Riksbank was expected to cut its rate to -0.35 percent today.
The bank last reduced it in March by 15 basis points after taking
it to negative zone in February.
Against the greenback, the krona rose to nearly a 5-week high of
8.4304 from an early low of 8.5353. At yesterday's close, the krona
was trading at 8.5133 against the greenback.
If the krona extends its uptrend, it is likely to find
resistance around the 8.24 area.
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