Carl Hammer News
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The krona rose to its strongest level against the euro since September as economic data suggested Sweden’s recovery is gathering pace and after policy makers made clear they won’t stem the currency’s ascent.
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The yen resumed its historic decline as finance chiefs from the world’s developed nations avoided criticizing Japan for allowing the weakening of the currency to gain an unfair competitive advantage in trade.
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Sweden’s krona soared to a four- month high against the euro after the Riksbank refrained from monetary easing to weaken the currency.
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Norway may become Europe’s next investor haven as the region’s fiscal turmoil raises the appeal of debt and currency markets in an economy with the world’s smallest default-risk.
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Sweden’s krona appreciated versus the euro and the dollar as the nation’s government raised its economic growth forecast for the next two years, underpinning the case for the central bank to increase borrowing costs.
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Sweden’s krona rose to the strongest in 21 months against the euro after China signaled an end to the yuan’s peg to the U.S. dollar, boosting demand for currencies benefiting from the global recovery.
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Sweden’s krona, which is up about 30 percent against the dollar in the past year, is only “starting to approach” a level that can be deemed “reasonable,” central bank Deputy Governor Lars Nyberg said.
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Central banks in Sweden and Norway are bowing to pressure to delay interest-rate increases next year as the prospect of a global recovery dwindles and borrowing costs in the U.S. and Europe remain low.
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Sweden’s central bank raised its benchmark repurchase rate for the seventh time in a year and repeated a pledge to continue tightening policy as the country’s economic expansion withstands Europe’s debt crisis.
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The Norwegian krone strengthened versus the euro as investors sought the safest assets amid concern that the European debt crisis may worsen.
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