Swedish Krona Falls Against Euro As Riksbank Cuts Key Rate Unexpectedly
02 Juli 2015 - 10:22AM
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The Swedish krona weakened against the euro in the early
European session on Thursday, after Sweden's central bank
unexpectedly cuts its key repo rate and expanded its asset purchase
programme.
The Executive Board of the Riksbank lowered its key rate to -35
percent from -0.25 percent. The bank also extended its government
bond purchase programme by a further SEK 45 billion with effect
from September and until the end of the year.
The repo rate was previously slashed in March, by 15 basis
points. The bank had taken the rate into negative zone with a ten
basis points cut in February, when it launched its bond purchase
programme. Against the euro, the krona fell to more than a 3-week
low of 9.3680 from an early high of 9.2265. At yesterday's close,
the krona was trading at 9.2584 against the euro.
If the krona extends its downtrend, it is likely to find support
around the 9.50 area.
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