The Swedish Krona took a hit this Friday, after a contraction in the Swedish economy in the 4th quarter of 2020. Data from the Statistics Office in Sweden show that Gross Domestic Product (quarterly) fell 0.2% in Q4 2020, compared with a 4.9% increase in Q3 2020. When compared with […]
In this section, you will find our latest USDSEK news and analysis, you will also be able to read about its history, and find a live chart for technical analysis.
The krona which translates to “crown” was created in 1876 along with the Scandanavian Monetary Union.
Sweden, along with Norway and Denmark, shared the currency and pegged it to gold. Back then, 1 krona in Sweden and krone for Norway and Denmark was equivalent to 1/2480 of a kilogram of gold. The monetary union lasted until the beginning of the first World War. By August 1914, it was dissolved and the three countries adopted their own independent currencies but maintained the name krona or krone.
What is USDSEK?
USDSEK is the financial symbol referring to the spot exchange rate of the US dollar and the Swedish krona.
The Swedish krona is governed by the Sveriges Riksbank or simply known as the Riksbank. It is known as the world’s oldest central bank, founded in 1668, and the third oldest that has been in operation.
The central bank has the mandate to support economic growth while making sure that inflation does not surge. Following the 2008 financial crisis, the Riksbank was the very first central bank in the world to implement negative interest rates when they cut rates to -0.25%. The Swedish economy is heavily reliant on its exports which are primarily driven by hydropower, iron ore, and timber. Therefore, data on the trade balance is particularly important in trying to forecast the USDSEK rate. The 2008 financial crisis dampened exports as well as consumption which would explain why the central bank adopted such an aggressive easing measure.
In 2011, the Swedish economy rebounded from the recession. The central bank is widely credited for the turn-around in the economy and its credibility is widely regarded by market participants. With that said, jawboning from Swedish central bankers tend to cause volatility on the Swedish krona and should be considered in your analysis when trading USDSEK.
The Swedish policymakers are also the first ones to adopt a digital currency. They created the e-krona as people found lesser use for physical cash.
Live USDSEK Chart
Latest USDSEK News
The EUR to SEK (EURSEK) pair is in a strong downward trend ahead of the final Riksbank interest rate decision. It is trading at 10.13, which is 10.95% lower than its year-to-date high of 11.38. The same trend is happening on the USDSEK and GBPSEK pairs. The Riksbank will conclude...
The USDSEK comes into focus on Thursday as Swedish 3rd quarter GDP is set for release on Thursday, November 5. Sweden’s economy is expected to have recovered sharply in Q3 2020 after falling 8.3% in the 2nd quarter, in what was the steepest contraction in 39 years. According to a […]
The USDSEK extended losses as the Krona benefitted from an increase in home prices for the 5th month in a row. September’s Sweden HOX/Valueguard home price index revealed a 1.1% growth in home prices on a sequential basis, & a year-on-year growth of 8.9%. This is the fifth successive month […]
USDSEK trades lower as strong economic data boost the Swedish Crown over the Greenback. Sign up to find out more.
USDSEK upside bias continues today after the Riksbank kept the interest rates unchanged at 0% as was expected by analysts. The monetary meeting added nothing new
USDSEK continues the rebound from two-year lows after the Sweden Industrial Production dropped to 3.4% in July from 6.6%. The yearly reading for the Sweden Industrial Production rose to -6.5%
The USDSEK has dropped to 2-year lows on the back of further weakness on the US Dollar, as well as an expansion in manufacturing activity. Swedish Manufacturing PMI data for August as released by Swedbank showed that business conditions around manufacturing improved from 51.4 in July (revised upwards) to a […]
USDSEK trades higher for the second straight day something that we haven’t seen since June 19. Greenback gets the bids today after better than expected NFP data.
USDSEK rebounds today from 25-month lows as the USD finally receiving some bids. On the economic data front from Sweden, the Retail Sales came in at 1% topping the expectations of 0% in June.