Sweden Manufacturing Shrinks as Job Cuts Grow on Krona Surge
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Swedish manufacturing unexpectedly contracted in April as the euro area recession and a stronger krona weighed on output amid deepening jobs losses in the largest Nordic economy.
The krona fell 0.4 percent against the euro to 8.5553 as of 9:53 a.m. and slid 0.5 percent versus the dollar on increased speculation the central bank will need to cut interest rates again. The currency has gained 3.5 percent versus the euro and the dollar over the past 12 months, raising costs on exports.