Swedish Krona Rises To 13-month High Against Euro After Riksbank Rate Decision

The Swedish krona strengthened against the euro in the early European session on Thursday, after Sweden's central bank retained its key interest rate at negative zone and expanded its asset purchase plan.

The Executive Board of the Riksbank maintained the repo rate at -0.50 percent. The bank said that the rate will start to be raised slowly in the middle of 2017, when CPIF inflation is expected to be close to 2 percent.

The board decided to expand the quantitative easing by SEK 45 billion during the second half of 2016, so that the purchases will total SEK 245 billion at the end of 2016.

Against the euro, the krona rose to a 13-month high of 9.1151 from an early low of 9.1881. At yesterday's close, the krona was trading at 9.1731 against the euro.

If the krona extends its uptrend, it is likely to find resistance around the 9.10 area.

Euro vs SEK (FX:EURSEK)
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