Krona Rises Against Euro After Sweden Retail Sales Data
29 September 2014 - 10:29AM
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The Swedish krona strengthened against the euro in the early
European session on Monday after data showed that Swedish retail
sales increased at a faster-than-expected pace in August.
Data from Statistics Sweden showed that retail sales volume grew
1.9 percent in August, reversing the 1.1 percent drop in July and
also bigger than the expected 0.6 percent growth.
Retail sales increased 4.6 percent year-on-year in August,
faster than the 2.2 percent rise in July. This was the fastest
growth since April. The rate also exceeded the 3.4 percent rise
forecast by economists.
Against the euro, the krona edged up to 9.1896 from an early
multi-day low of 9.2248. At last week's close, the krona was
trading at 9.2151 against the euro.
If the krona extends its uptrend, it is likely to find
resistance around the 9.27 area.
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