Swedish Kronor Falls Against Euro After Economy Slows Down
The growth of the Swedish economy slowed down in the first quarter this year. According to Statistics Sweden data, the Swedish economy grew at an annual pace of 6.4% in the first quarter, down from 7.7% in the last quarter of 2010. While most analysts expected Sweden's economy to surge 1.2% on the previous quarter, the Swedish economy managed only a 0.8% rise. Worse than expected Q1 results took its toll on the Swedish kronor, as the euro rose 0.14% to 8.9129.
The Swedish economy is still expanding strongly, however, and the kronor rose against the U.S. dollar and the British pound. At the moment, the dollar is trading at 6.2581, or 0.46% below yesterday's close, while the pound stands at 10.2825, a fall of 0.37%.
Traders who believe the Swedish economy is starting to cool will be interested in the Short Swedish Krona Long US Dollar ETC ETF (SSEK). Those traders who believe the strength of the Swedish economy will continue to add value to kronor will be interested in the CurrencyShares Swedish Krona Trust ETF (NYSE: FXS).
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