Swedish Krona: Could It Be the New Safe-Haven Currency?

The Swedish

is a currency that is rarely discussed and probably does not get the attention that it deserves. For those who do not know, the krona is the national currency of Sweden. It is often refereed to in English as the "crown," because that is its Swedish translation. Though Sweden is a member of the European Union, it has resisted switching its currency over to the euro like most of the other eurozone countries. This has been a topic of debate in Sweden for many years with supporters on both sides of the issue. It is uncertain as to when Sweden will switch to the euro, but there are currently no plans to make the switch in the near future. Despite the heated debate over whether this currency should continue to be used in circulation, the krona has proved to be quite volatile in recent months. Sweden has been showing high rates of

this year which has helped to strengthen the krona. Though this growth is slowing, the

. The krona is currently trading at 0.1622 USD, which is up from 0.1572 USD on May 23. However, the krona has not faired so well against the euro. The krona traded at 0.1109 EUR, which is down from 0.1126 last week. Rising interest rates in Sweden have helped to increase demand for the currency and helped it to appreciate. The currency reached a

at the beginning of May, when it was trading at 0.1664 USD. Though the krona has since depreciated, it looks likes good things are on the way for this little-known currency. Overall, the krona has proved that it is a strong currency this year, as it has remained one of the

. Good feeling surrounding the krona are making it a stand out as a

during times of economic crisis. In the past, the role of safe-haven currency has been held almost exclusively by the U.S. dollar. However, with the continued strong performance of the krona, it appears that the dollar is going to have some competition for that role in the very near future.