The Swedish krona weakened against the euro in the early European session on Monday after data showed that the nation's trade deficit widened notably in August as exports decreased amid rise in imports.

Data from Statistics Sweden showed that the trade gap increased to SEK 3.6 billion from SEK 0.3 billion in July. The trade balance showed deficit for the second straight month. Exports dropped to SEK 87.8 billion from SEK 88.7 billion in July, while imports rose to SEK 91.4 billion from SEK 89 billion. Against the euro, the krona fell to nearly a 4-week low of 9.4788 from an early high of 9.3938.

If the krona extends its downtrend, it is likely to find support around the 9.55 area.

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